Revolut accelerates its strategy in the cryptocurrency exchange by evaluating the purchase of a Turkish bank

According to Bloomberg sources, digital financial services giant Revolut is in the evaluation stage to acquire the digital bank FUPS, aiming to strengthen its position in Turkey. The deal would reflect a more ambitious move by the fintech to consolidate its cryptocurrency exchange offerings and other services in one of the most dynamic emerging markets in the region.

Negotiations are still in the early stages, and neither party has publicly confirmed the terms. Both Revolut and FUPS have declined to comment, citing corporate policy not to comment on market speculation. However, any final agreement would require approval from the BDDK (Banking Regulation and Supervision Agency of Turkey).

Revolut’s Strategy: Global Expansion and Penetration into Emerging Markets

Led by billionaire Nik Storonsky, Revolut has reported reaching 70 million customers worldwide. In 2025, the company solidified its status as Europe’s most valuable startup with a valuation of $75 billion, enabling it to self-finance its ambitious territorial expansion strategy.

Starting from its initial operations in developed markets, Revolut has accelerated its penetration into emerging regions. Its portfolio includes payment solutions, international remittances, and crucially, cryptocurrency exchange services that allow it to diversify revenue beyond traditional banking. Entering Turkey represents a strategic step in this expansion map, which already spans from Nordic countries to Mexico.

FUPS: The Regulatory Gateway to the Turkish Market

FUPS presents a unique opportunity for Revolut. Founded in 2022, the entity operates as a fully digital bank without physical branches under the Turkish “branchless banking” regulatory framework, an innovative regulatory model that has enabled complete digitalization of the banking experience.

The company has an initial capital of approximately $81 million, employs 60 people, and its main value does not lie in its operational scale but in its most prized asset: a digital banking license that would drastically simplify Revolut’s access to the Turkish financial ecosystem. Without this license, any expansion would require a longer and more costly regulatory process.

Intensified Competition in Digital Financial Services

Revolut’s potential entry into Turkey would amplify competition in a banking sector that, according to Bloomberg Intelligence analyst Tomasz Noetzel, already experiences an “advanced digital transformation but still relies heavily on traditional branch networks.”

Noetzel also pointed out that for the acquisition to generate real competitive differentiation beyond pricing and basic user experience, operational integration capacity will be crucial. In this context, Revolut’s cryptocurrency exchange could become a differentiating factor compared to conventional Turkish digital banking, attracting customers seeking more innovative financial services.

Regulatory Outlook and Next Steps

The realization of this deal will heavily depend on regulatory approval. The BDDK will need to assess whether the acquisition meets standards for financial solidity, consumer protection, and banking system stability in Turkey.

Although negotiations are still in the early stages, this operation symbolizes a deeper shift: the pursuit by global fintechs like Revolut to obtain full banking licenses that allow them to compete directly with traditional banks, while simultaneously expanding their services such as cryptocurrency exchange into new geographies. The outcome of these discussions will determine not only Revolut’s presence in Turkey but also future consolidation trends in the European fintech sector.