Revolut has reportedly been in preliminary discussions to acquire Turkish digital bank FUPS as part of its strategy to expand operations in Turkey.
The potential acquisition aligns with the fintech’s broader international growth ambitions, particularly in regions outside its established European base.
The discussions come after Revolut, which was recently valued at USD 75 billion during an employee secondary share sale, strengthened its leadership team with several new financial services executives. These hires are reportedly intended to spearhead the company’s operations in Turkey and improve its service offerings in the region. According to industry sources, the company is exploring the possibility of obtaining a banking licence in Turkey, either through a formal application or by acquiring an existing local bank. Any acquisition would require approval from the Turkish banking regulator.
Strategic growth in Turkey
Revolut’s interest in the Turkish market reflects its broader strategy to diversify geographically and grow its customer base outside Europe. Turkey has a population of approximately 85 million, with a rapidly expanding digital banking sector. According to research, the country’s number of cards in circulation reached about 463 million, and digital banking transactions accounted for nearly 60% of all banking activities. These figures indicate significant potential for neobanks like Revolut to capture market share among digitally savvy consumers.
In addition, the fintech sector in Turkey has experienced substantial growth, with digital payment transactions reaching USD 63.5 billion in 2022, projected to grow but not confirmed for 2025, according to data from Thunes. Consumer adoption of mobile banking is particularly high among younger demographics, with surveys indicating that there are 27 million mobile banking users in the 26–35 age group and roughly 19 million in the 18–25 age group. This trend presents an opportunity for Revolut to attract new users with its integrated financial services.
Founded in 2015, Revolut initially launched as a travel-focused finance app but has since expanded into a broad range of financial offerings, including stock trading, insurance products, cryptocurrency access, and international money transfers. The company now operates in more than 40 countries and territories and serves over 70 million customers. In recent years, Revolut has also pursued growth outside Europe, establishing a presence in the US, Mexico, and the UAE.
