Market News

Turkey's Crypto Landscape Set to Change as Revolut Eyes Bank Acquisition

Revolut, the UK-based fintech giant, is reportedly in talks to acquire FUPS, a digital bank in Turkey.

This move aims to expedite its entry into the Turkish market and enhance its cryptocurrency offerings.

FUPS, which operates under Turkey’s branchless banking regulations, holds a fully digital banking license, making it an attractive acquisition target.

While discussions are ongoing and no final decision has been made, the transaction would require approval from Türkiye's Banking Regulation and Supervision Agency (BDDK).

Revolut, valued at $75 billion, has been expanding rapidly into new markets, reflecting its ambition to enhance its global footprint.

Founded in 2022, FUPS is a newer player in the Turkish banking sector, equipped with innovative digital banking capabilities.

Analysts suggest that Revolut’s entry into Turkey could intensify competition among existing banks, especially those with traditional branch networks.

Tomasz Noetzel from Bloomberg Intelligence emphasized the need for Revolut to distinguish itself through superior execution beyond mere pricing strategies.

As the cryptocurrency market continues to evolve, such strategic moves highlight the increasing importance of digital banking services in this space.

The unfolding scenario signifies a pivotal moment for both Revolut and Turkey's emerging crypto ecosystem.