Revolut is interested in a little-known bank in Turkey. Why does the fintech giant need it?

Europe's largest digital bank Revolut is in talks to buy a little-known local neobank in Turkey, Bloomberg reported, citing sources. The deal could make it easier for Revolut to launch its online services in a country where local players still rely on office-based customer service.

According to Bloomberg's sources, Revolut has shown interest in buying a small Turkish fintech service FUPS, which received a banking license in 2022. No final decisions have been made yet, and it is not certain that the European fintech giant will end up buying FUPS, the sources noted. A Revolut spokesperson told the agency that the company does not comment on "market rumors or speculation."

FUPS issues virtual and physical Visa cards for online and conventional shopping, the Turkish neobank said on its website. It works like an e-wallet, allowing money transfers, bill payments and shared expense management features. Revolut's entry into the Turkish market makes strategic sense for the company because traditional local banks, despite advanced digital services, still depend on their offline offices for customer service, said Bloomberg analyst Tomasz Nitzel.

Revolut now operates in 40 markets, and plans to increase that number to 70 by 2030, with a goal of gaining 100 million customers in two years. In October 2025, the company obtained a license in Cyprus, allowing it to offer crypto services in the EU. In addition, Revolut acquired a full banking license in Mexico during the same period. The entry into the Mexican market was part of the company's global strategy to increase its customer base.

As reported in July 2025 by the British newspaper Financial Times, Revolut is exploring the possibility of buying a U.S. bank to accelerate its licensing in the United States. According to the FT's sources, the company is looking for a low-cost financial institution that will allow it to launch lending operations in the States - such a deal would ensure faster development in the U.S. market than applying for a license on its own. At the same time, Revolut does not rule out filing its own application for a license, the newspaper's sources said.

This article was AI-translated and verified by a human editor