The company is in discussions to acquire Turkish digital bank FUPS, Bloomberg reported Wednesday (Jan. 7), citing unnamed sources.
No decisions have been made, and there is no guarantee Revolut will buy FUPS, according to the report, which described FUPS as a “little-known” bank offering FinTech services.
FUPS did not reply to PYMNTS’ request for comment. A spokesperson for Revolut declined to comment.
Revolut, based in the United Kingdom, has been looking to expand into new markets in Europe and elsewhere in the world in recent months, the report said. That includes the United States, where Revolut launched a new savings account offering as it weighs its broader banking options.
Revolut is “actively looking” at whether to acquire an American bank or to apply for its own U.S. banking license, U.S. CEO Sid Jajodia said in September, adding that “being a bank in every market we operate in is critical,” especially in the U.S., where Revolut’s business is still growing.
The company was valued at $75 billion in November, making it one of the most valuable European startups.
“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, per the Wednesday Bloomberg report. “The deal’s strategic execution will be critical to differentiation, beyond price and user experience.”
It was reported last month that Revolut was in talks with alternative asset manager Blackstone for a partnership that would see Blackstone offer its funds through Revolut’s platform.
This followed a report from earlier in 2025 that Revolut was considering an expansion of its offerings into private banking, concentrating on clients with more than $1 million in liquid assets. The goal would be to boost the appeal of the company’s financial app to affluent clients and allow it to compete with established private banking players and newer FinTechs.
Over the last few months, Revolut opened a waitlist for what it dubbed its first “ultra-premium” business card aimed at high-growth companies, began giving users the ability to swap between stablecoins and fiat currency, and won final authorization to begin operations as a multiple banking institution in Mexico.
