(Jan 7): Revolut Ltd 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, known by its Turkish initials BDDK.
A spokesperson for Revolut said the company doesn’t comment on “market rumours or speculation”. FUPS declined to comment.
Spearheaded by billionaire Nik Storonsky, Revolut has about 70 million users worldwide. In recent months, it has eyed new markets from the Nordics to Mexico. The platform garnered a US$75 billion ($96.11 billion) valuation in November, cementing its status as one of Europe’s most valuable startups.
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. As of September, the company had 60 employees, according to most recent data available from the Turkish Banks Association.
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