Revolut’s plans for international growth may soon take it to Türkiye.
The company is reportedly in discussions to acquire a Turkish digital bank called FUPS, according to Bloomberg. The source did, however, mention that no final decision has been reached and there’s no certainty that Revolut will go through with the acquisition. FUPS is characterized as a lesser-known bank providing various fintech services.
Efforts to reach FUPS for comments were unsuccessful, and a spokesperson from Revolut opted not to comment on the matter.
Based in the UK, Revolut has been actively broadening its horizons, having recently entered several new markets across Europe and beyond. In the US, it has introduced a new savings account as part of its aim to offer an expanded range of banking solutions.
Furthermore, Revolut is contemplating whether to buy a US bank or pursue its own bank license. Sid Jajodia, the US CEO of the company, mentioned back in September that establishing a solid banking presence in every market is vital, especially in the growing US sector.
The company significantly valued its sales at $75 billion in November, solidifying its stature as one of Europe’s top startups.
Tomas Noetzel, a senior analyst at Bloomberg Intelligence, pointed out that Revolut’s potential entry into Turkey is strategically sound. It could enhance competitiveness in a market that, while advanced in digital services, still depends on traditional branch networks. He stressed that executing this acquisition effectively is essential for Revolut to stand out beyond just pricing and user experience.
In recent reports, it’s also been noted that Revolut had been in talks with Blackstone regarding a partnership that would enable funding through its platform.
Earlier this year, Revolut explored expanding its services in private banking, particularly for clients with substantial liquid assets. The vision here is to attract wealthy customers and bolster its position against established private banks as well as emerging fintechs.
In the past few months, Revolut has begun a waiting list for what it’s branding as its first “Ultra Premium” business card. This initiative is aimed at high-growth companies, and it has started offering users the ability to trade between stablecoins and fiat currencies. Moreover, it received the green light to operate as a multi-bank institution in Mexico.
