Revolut, the global financial technology company, has acquired FUPS, a Turkish electronic money institution and a brand of Lydians, for an undisclosed amount. This strategic move sees Revolut expand its footprint by integrating FUPS's established operations and regulatory framework within Turkey. Lydians, the parent company of FUPS, holds an electronic money operating license from the Central Bank of the Republic of Turkey, along with Principal VISA membership, Bankalararası Kart Merkezi (BKM) membership, and Payment Card Industry (PCI) and Data Security Standard (DSS) certifications, providing a robust foundation for financial services in the region.
FUPS offers a comprehensive suite of financial services designed for easy and secure money management. Its platform enables users to conduct 24/7 money transfers, make bill and subscription payments, purchase E-Pins, and execute payments using both virtual and physical cards. The company has also introduced several innovative features, including chat-based financial transactions, "Böl Böl" for pre- or post-spending shared payments, a patented "Seç Seç" feature for defining spending limits, and "İkili hesap" allowing two accounts to be managed with a single card, alongside advanced card management capabilities.
The acquisition is strategically significant for Revolut, providing immediate access to the Turkish market through a fully licensed and operational entity. By integrating FUPS, Revolut gains a strong local presence and a compliant infrastructure, bypassing the complexities of obtaining new licenses and building operations from scratch in a key emerging market. This move aligns with Revolut's broader strategy of global expansion and enhancing its product offerings by incorporating localized financial solutions and innovative features developed by FUPS.
Expected synergies include combining Revolut's global technological capabilities and extensive user base with FUPS's deep understanding of the Turkish market and its innovative, user-centric features. The integration is anticipated to enhance the combined entity's ability to offer a wider range of financial products and services to customers in Turkey and potentially beyond. This acquisition positions the combined entity to capitalize on the growing demand for digital financial solutions in the region.