According to PYMNTS.com, London-based fintech giant Revolut is in talks to acquire Turkish lender FUPS, though no decisions have been made. The report, citing a Wednesday Bloomberg analysis, describes FUPS as a “little-known” bank offering fintech services. This comes as Revolut, valued at $75 billion in November, has been actively seeking to expand into new markets like Europe and the U.S. In the U.S., CEO Sid Jajodia said in September the company is “actively looking” at acquiring a bank or getting its own license, noting that “being a bank in every market we operate in is critical.” The report also follows news from last month that Revolut was in partnership talks with Blackstone to offer its funds, and from earlier in 2025 that Revolut is considering a push into private banking for clients with over $1 million in assets.
Revolut’s Banking-or-Bust Strategy
Here’s the thing: Revolut’s rumored interest in FUPS isn’t just about buying some random small bank. It’s a clear piece of a much larger, and frankly, expensive puzzle. Sid Jajodia’s comment about needing to be a bank in every market isn’t just corporate speak—it’s the core thesis. Being a licensed bank changes everything: you can hold deposits natively, offer full loan books, and build deeper, more profitable customer relationships. But getting those licenses is a brutal, slow regulatory grind. So what’s the faster path? Acquisition. Snap up a small, already-licensed entity in a target market, and you’ve got your ticket to play. Turkey, with its large, digitally-savvy population, fits the profile perfectly. It’s a classic land-grab move before someone else does it.
Turkey: A Tough Digital Battleground
But let’s not underestimate the challenge. As the Bloomberg Intelligence analyst pointed out, Turkey’s incumbent banks are already pretty digitally advanced. They’re not sleeping giants. They have the trust, the existing customer bases, and they’re already moving online. For Revolut, simply showing up with a slick app and low fees might not be enough this time. Differentiation has to go beyond just user experience. Will it be through unique cross-border features leveraging Revolut’s global network? Or through that rumored private banking play, targeting Turkey’s affluent? The execution here will be everything. A misstep could mean burning a lot of cash for very little gain in a hyper-competitive market.
The Bigger Picture: Wealth and Partnerships
And that’s where the other reports from 2025 tie in. The potential Blackstone partnership and the private banking ambitions aren’t separate projects—they’re part of building a full-spectrum financial fortress. Think about it: you use a strategic acquisition (like FUPS) to get the banking license in a new region. Then you layer on premium investment products (via Blackstone) and high-net-worth services. Suddenly, you’re not just a travel card or a budgeting app for millennials. You’re a global financial institution competing for primary banking relationships and serious wealth. That’s the endgame. The FUPS talk is just one potential move on a very large board. The real question is, can Revolut integrate all these ambitious pieces—acquisitions, partnerships, new verticals—without losing its agility or stumbling under regulatory scrutiny? I’m skeptical, but if anyone in European fintech has the war chest to try, it’s them.
