BREAKING: Revolut in Talks to Buy Digital Bank FUPS for Turkey Debut

Revolut is in talks to acquire Turkish digital bank FUPS to start offerings its services in the country, according to people familiar with the matter.

No final decisions have been made and there’s no certainty that the fintech behemoth will ultimately buy FUPS, the people said, asking not to be identified to discuss the negotiations. In the event of an agreement between the two banks, the acquisition will be subject to approval by the Turkish banking regulator.

FUPS, a little known Turkish bank offering fintech services, received a licence in 2022 with a founding capital of 1.5 billion liras, which amounted to just over US$81 million at the time.