Revolut in talks to acquire Turkish FUPS — a strategic move after exiting Ukraine
The fintech giant that announced it would close the accounts of Ukrainian clients is considering Turkey as a new platform. Why this matters for the Ukrainian market and customers — briefly, with facts.
By Tetiana Suchkova-Ladik
January 7, 2026 · 2 min read
About the deal
According to Bloomberg, Revolut is in talks to acquire the Turkish digital bank FUPS. Sources familiar with the negotiations add that no final decisions have been made yet, and the deal will require approval from the Turkish regulator BDDK.
FUPS obtained its license in 2022 with authorized capital of 1.5 billion lira (approximately $81 million at the time) and positions itself as a digital bank focused on fintech services. Revolut declined to comment in response to journalists’ inquiries.
"The company does not comment on market rumours or speculation."
— Revolut spokesperson
Why Turkey
The logic of the move is clear: Turkey is a large and digitally savvy market where competition between banks and fintechs is high, but many products are still tied to physical branches. As a Bloomberg Intelligence expert notes, this gives Revolut a chance to scale services faster through an existing licensed infrastructure.
"A potential entry of Revolut into the Turkish market makes strategic sense, as it intensifies competition in a market where existing operators already have digital experience but still rely on branch networks."
— Tomasz Nötzel, senior industry analyst at Bloomberg Intelligence
What this means for Ukraine
Revolut counts about 70 million users and in November received a valuation of $75 billion. At the same time, the company announced it is forced to close accounts of Ukrainian customers from 22 February 2026. For Ukrainians this is the loss of one popular digital tool; for the market, it is a signal that foreign players may reshape their presence under regulatory, operational, or strategic pressures.
The National Bank emphasized that Ukraine is open to foreign financial players, but the exit of major platforms underscores the risks of dependence on foreign technological solutions and creates additional space for the development of local products and services.
Brief conclusion
Revolut’s talks to buy FUPS are a less emotional and more pragmatic change in the geography of growth. For Ukraine this is not only a loss of customers but also an opportunity: the vacuum could accelerate the development of national fintech players and innovation in the banking sector. The question is whether Ukrainian companies and the regulator can take advantage of this window of opportunity.
Do we have enough speed and resources to turn the departure of an international player into a long‑term benefit for consumers?
