Revolut has entered discussions regarding a potential acquisition of Turkish digital bank FUPS as the fintech giant evaluates a path into the Turkish market.
Any agreement between the companies would require authorization from the Banking Regulation and Supervision Agency BDDK, adding a regulatory hurdle to the process.
No final decision has emerged from the talks and sources indicate that the deal remains far from guaranteed.
A spokesperson for Revolut declined to address what was described as market speculation, while FUPS similarly chose not to provide a statement.
The company led by billionaire Nikolay Storonsky currently serves approximately 70 million users around the world and has been targeting expansion from Scandinavia to Mexico in recent months.
The platform reached a valuation of 75 billion USD in November, strengthening its position among Europes most valuable startups.
FUPS, a fintech focused Turkish bank, secured its license in 2022 with initial capital of 1.5 billion Turkish lira, equivalent to roughly 81 million USD at that time.
The institution employed 60 people as of September according to data shared by the Banks Association of Turkey.
