Revolut Pushes Deeper Into Emerging Markets With Turkey On The Radar
Hey Digital Banking Fanatic!
Revolut is reportedly in talks to acquire Turkish digital bank FUPS, according to Bloomberg.
Nothing is signed, but the move would give Revolut a direct entry point into Turkey. It fits the broader pattern.
At a $75B valuation, Revolut is clearly playing offense. Mexico approval secured. US banking options under review. Stablecoins, premium products, and private banking ideas all on the table.
Turkey would add another layer. A digitally advanced market where competition is already strong, and execution matters far more than just pricing or slick UX. Acquiring a local digital bank could be the fastest path in.
News coming in from my hometown 🇳🇱
While I’m enjoying some winter sun in Curaçao and definitely not missing the snowstorms, it’s nice to see the news from Amsterdam’s neobank giant, bunq.
For me, this is also a good reminder that even from afar, Amsterdam’s FinTech scene never really slows down.
Now, bunq is doubling down on becoming a truly global bank for digital nomads. The Dutch neobank has reapplied for a US banking license, restarting its expansion plans after withdrawing an earlier application in 2024.
Founder and CEO Ali Niknam says the FinTech is now better prepared to meet US regulatory expectations after learning from its first attempt.
Want to dive deeper? If you’re tracking how Digital Banking players are expanding across borders, keep scrolling 👇.
Cheers,
INSIGHTS
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NEWS
🇹🇷 Revolut in talks to buy digital bank FUPS for Turkey debut. In the event of an agreement between the two banks, the acquisition will be subject to approval by the Turkish banking regulator, known by its Turkish initials BDDK. Read more
🇺🇸 Dutch FinTech Bunq reapplies to become a bank in the US. The company stated that it submitted its application for a national bank charter to the Office of the Comptroller of the Currency on Tuesday. Continue reading
🇧🇷 PicPay requests authorization to have its own bet. The operation in this segment will be through Nosso Time iGaming. PicPay stated that the goal of Nosso Time iGaming is to operate in sports betting at major events, taking all necessary precautions regarding responsible gaming and financial education.
🇬🇧 Lloyds Bank completes the UK’s first gilt purchase using tokenized deposits. The purchase illustrates how tokenization can transform traditional banking, turning real-world assets into digital forms that can be purchased, sold, or transferred instantly, Lloyds said in a press release.
🇲🇽 Mercado Pago strengthens its digital payments network in anticipation of increased demand due to the World Cup. The company is reinforcing its commitment to the digitization of cash in Mexico with a strategy focused on the deployment of payment infrastructure. Additionally, Mercado Pago launches a new credit scoring tool in Brazil. The feature promises to provide a clear view of each user’s score and indicate concrete recommendations for measures that can improve conditions within the digital bank’s ecosystem.
🇦🇷 Ualá launches new insurance products. Ualá announces the addition of Life and Personal Accident Insurance to its ecosystem, offering a 100% digital experience accessible through the app. These policies will be provided by Allianz, a global leader in insurance, and will be rolled out gradually.
🇺🇸 Modulr expands to the U.S. with FIS partnership to power real-time payments for banks. This partnership builds on FIS’s broader modernization strategy, reinforcing its commitment to simplifying and optimizing how money moves across the entire money lifecycle.
🇧🇷 The Central Bank's tool prevents the opening of 111,000 suspicious accounts. BC Protege+ prevents the opening of accounts and the inclusion of account holders without authorization and has already responded to 33 million inquiries made by financial institutions.
🇺🇸 J.P. Morgan’s JPM Coin set for native issuance on Canton blockchain. This innovation helps meet the growing demand from both digitally native and traditional firms seeking faster, easier, and more secure money movement on public blockchain infrastructure.
🇺🇸 Barclays has invested in Ubyx as tokenized infrastructure advances. Ubyx is building a common settlement framework to enable tokenized money to move between issuers and institutions, supporting the exchange and redemption of tokenized funds at par value.
🇪🇸 CaixaBank creates Artificial Intelligence Office. CaixaBank has established an Artificial Intelligence Office to ensure that all corporate projects involving AI comply with regulations, ethical standards, and provide real business value. Keep reading
🇦🇪 RAKBANK secures in-principle approval for AED-backed stablecoin. RAKBANK said the proposed stablecoin is designed to combine the security and trust of traditional banking with the efficiency and programmability of blockchain technology.
🇺🇸 Panacea Financial strengthens executive team to power next phase of scaled growth. Panacea Financial announced the appointments of Anna Khayet as Chief Marketing Officer, Robin Garrison as Chief Compliance Officer, and Tal Frank as Head of Student Financial Services.
🇸🇬 10x Banking & audax join forces to speed bank upgrades. The companies intend to target banks seeking to launch new digital propositions while upgrading legacy systems incrementally, rather than through large-scale replacements. Keep reading
🌎 Makachain and Estable.IO collaborate to simplify stablecoin payments for everyday use. The collaboration aims to provide technology solutions for crypto and stablecoin-related adoption with public and private sector institutions, including initiatives in Argentina and other Latin American countries.
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