Revolut is negotiating the acquisition of FUPS, a Turkish digital bank, as the fintech looks to enter the country's rapidly evolving banking market. The talks represent the latest step in Revolut's ongoing push to expand its global footprint. However, no final agreement has been reached and the discussions could still fall apart, according to people familiar with the matter quoted by Bloomberg.

Any transaction would need approval from Turkey's Banking Regulation and Supervision Agency, known locally as BDDK.

Revolut Pursues 100 Million Users Across Global Markets

Revolut, led by billionaire Nik Storonsky, has built a user base approaching 70 million customers worldwide. The company closed a funding round in November at a $75 billion valuation, a 67 percent jump from its $45 billion valuation the previous year, as it posted revenue gains and attracted investment from Nvidia's venture arm.

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The fintech has been aggressively targeting new markets in recent months, from the Nordics to Mexico. Revolut has pitched expansion plans for China to investors, outlining strategies for hiring, licensing, and scoping opportunities in the country.

Turkish Banks Digitize but Still Rely on Physical Presence

Traditional banks in the country have invested heavily in digital services, with the number of active digital banking customers increasing to more than 120 million. Major players like Garanti BBVA have integrated artificial intelligence and data analytics to enhance customer service.

However, these incumbents still maintain extensive branch networks, a dependency that could give purely digital players an edge.

“Revolut's potential entry into Turkey makes strategic sense, intensifying competition in a market where incumbents are already digitally advanced, but still depend on branch networks,” said Tomasz Noetzel, senior industry analyst at Bloomberg Intelligence. “The deal's strategic execution will be critical to differentiation, beyond price and user experience.”

Turkey's Banking Regulation and Supervision Agency launched digital banking regulations in 2022, formally opening the door for neobanks. The regulator has granted digital banking licenses to five institutions: Hayat Katılım, Kasa Katılım, T.O.M. Katılım, FUPS Bank, and Ziraat Dinamik.

FUPS Operates With Minimal Staff After 2022 Launch

FUPS received its banking license in 2022 with founding capital of 1.5 billion liras, worth just over $81 million at the time. The bank was established by Lydians Elektronik Para ve Ödeme Hizmetleri, which operates as both a payment service provider and electronic money institution. As of September 2025, FUPS employed 60 people, according to data from the Turkish Banks Association.

The Turkish opportunity follows Revolut's entry into Argentina in June 2025 by purchasing a local lender from BNP, where it acquired Banco Cetelem's local banking license and approximately $6.4 million in assets. The company has pursued similar strategies in India, where it acquired Arvog Forex in 2022 after pumping over $45 million into the market.

Turkey's digital banking market was valued at $101.52 million in 2025 and is projected to grow to $267.3 million by 2034, expanding at an 11.36 percent compound annual growth rate. The country's 80.7 million active cellular mobile connections provide a substantial market for mobile banking applications.

In September 2025, Revolut announced it was eyeing a US bank buyout while committing £3 billion and 1,000 jobs to its UK global headquarters.

More recently, the fintech engaged with Israeli regulators to obtain a “lean bank” license after entering the country in 2023, demonstrating the company's willingness to pursue multiple regulatory pathways simultaneously.