Revolut is in talks to acquire Turkish digital bank Fups.
TL;DR
Revolut is negotiating to acquire Turkish digital bank Fups to enter the Turkish market, pending regulatory approval. The deal focuses on Fups' banking license rather than its customer base or tech.
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PANews reported on January 7th that, according to Bloomberg, sources familiar with the matter revealed that fintech giant Revolut Ltd. is in talks to acquire Turkish digital bank FUPS in order to begin offering services in the country. No final decision has been made, and negotiations are ongoing. If the two banks reach an agreement, the acquisition will still require approval from Turkey's banking regulator, BDDK.
Fups holds a full digital banking license under Turkey's branchless banking framework launched in 2022, with initial capital of approximately $81 million and currently employing around 60 people. For Revolut, the appeal of this acquisition lies primarily in Fups' regulatory standing, rather than its customer base or technology.