FUPS
FUPS (Lydians Elektronik Para ve Ödeme Hizmetleri A.Ş.) is a TCMB-licensed Turkish neobank offering mobile/web digital wallets, debit cards, and social-payment features to individual consumers in Turkey.
- Company typePrivate
- Founded2018
- HeadquartersUmraniye
- Headcount51–100
- GTM typeB2C
- OfferingServices
What FUPS does
FUPS (legally Lydians Elektronik Para ve Ödeme Hizmetleri A.Ş.) is a Turkish licensed electronic money institution and branchless digital bank that serves individual consumers in Turkey through a mobile-first and web-accessible banking platform. The company's core proposition is digital wallet and payment services enabled by an Electronic Money Institution license granted by the Central Bank of the Republic of Turkey (TCMB) on September 10, 2020 (Decision No. 10952/20551) under Law No. 6493, with an additional full branchless banking license obtained in 2022. Distribution spans mobile applications on Apple App Store, Google Play, and Huawei AppGallery, with physical card sales through Carrefour Turkey supermarkets and online marketplaces Trendyol and Hepsiburada.
The product surface comprises FUPS Mobil (mobile banking app), FUPS İnternet Şube (web banking), FUPS Kart (physical debit card), FUPS QR Kart (instant TR QR-code virtual card), and differentiated social-payment features including Seç Seç Hesap (group accounts with spending limits), Böl Böl (pre- and post-transaction bill splitting), Chat Payments (in-app messaging combined with money movement), İkili Hesap (dual-PIN single card), and Akıllı Sanal Kart (customizable virtual card with scheduled auto-payments). Underlying infrastructure is integrated with Visa for card acceptance and BKM for interbank payment interoperability, with PCI DSS and Turkish KVKK compliance posture. Revenue is generated entirely from transaction fees on payment/transfer services and card services; no public pricing tiers or fee schedule beyond a fees-and-limits page have been disclosed.
The go-to-market is product-led growth via self-serve in-app onboarding, supported by app-store discovery and physical retail pickup of cards. As of January 2026, the company is reportedly in advanced acquisition discussions with Revolut (UK) for approximately £80 million, pending approval from Turkey's Banking Regulation and Supervision Agency (BDDK); both parties declined to comment. The reported deal rationale centers on FUPS's regulatory license providing Revolut a Turkey market entry shortcut rather than on standalone revenue scale.
FUPS firmographics
Firmographics- Name
- FUPS
- Legal name
- Lydians Elektronik Para ve Ödeme Hizmetleri A.Ş.
- Website
- https://fups.com
- Company type
- Private
- Founded year
- 2018
- Operating status
- Operating
- Headcount range
- 51–100 employees
- Short description
- FUPS (Lydians Elektronik Para ve Ödeme Hizmetleri A.Ş.) is a TCMB-licensed Turkish neobank offering mobile/web digital wallets, debit cards, and social-payment features to individual consumers in Turkey.
- Ownership category
- akta.pro rank
FUPS industry classification
Industry- Product category
- Digital Banking / Neobank
- NAICS
- Financial Transactions Processing, Reserve, and Clearinghouse Activities (52232), Credit Card Issuing (52221)
- SIC
- Finance Services (6199)
- akta.pro primary industry
- Integrated Payment Processors (PSP/Acquirer) (FSAMABAA)
- akta.pro secondary industries
- Card Issuing & Virtual Cards (lodge cards, single-use, tokenization) (THALAHAB), POS, SoftPOS & In-Person Acceptance Infrastructure (FSAGABAO)
Keywords
Where FUPS is headquartered
LocationHeadquarters
- HQ city
- Umraniye
Offices1 record
Markets served
FUPS business model
Business model- GTM type
- B2C
- Offering type
- Services
- Cost components
- Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure
Revenue model
- Payment and transfer services: Fees generated from money transfers, bill payments, and ATM withdrawals. Licensed electronic money institution providing payment services under Turkish regulatory framework.
- Card services: Revenue from card issuance and related transaction fees, including contactless payments and QR code transactions.
Go-to-market motion1 record
Distribution channels4 records
Marketing channels3 records
FUPS product offering
Product offeringCore offering
FUPS is a licensed Turkish electronic money institution offering branchless digital banking services to individual consumers. Its offering centers on a self-serve mobile and web platform (FUPS Mobil, FUPS İnternet Şube) that enables instant account creation, 24/7 money transfers, bill payments, ATM cash withdrawals, contactless and QR card payments, and social banking features for shared expenses such as Seç Seç Hesap, Böl Böl, İkili Hesap, Chat-based transfers, and a smart virtual card for subscription management. Customers can obtain a physical FUPS Kart via home delivery or purchase at Carrefour stores and on Trendyol/Hepsiburada marketplaces.
Product overview
FUPS is a Turkish digital neobank offering a unified mobile and web banking platform (FUPS Mobil and FUPS İnternet Şube) with physical card (FUPS Kart) and QR-based payment options (FUPS QR Kart). The product suite includes social finance features like Chat-based money transfers and group payments, budget management tools (Seç Seç Hesap, Böl Böl), dual-account sharing (İkili Hesap), and virtual card management (Akıllı Sanal Kart). All services are accessible through the mobile app on iOS, Android, and Huawei platforms, plus a web branch for desktop access. The company operates as Lydians Elektronik Para ve Ödeme Hizmetleri A.Ş., licensed by Turkey's Central Bank since 2020.
Differentiator
Problem solved
Functional benefit
Products and services
- FUPS Mobil Mobile banking application available on iOS, Android, and Huawei AppGallery, providing consumers with account management, money transfers, bill payments, QR payments, virtual cards, and social payment features such as chat-based transactions and split payments.
- FUPS İnternet Şube Web-based banking platform enabling FUPS customers to access account operations, card management, and core financial services via desktop browsers.
- FUPS Kart Physical Visa-branded debit card linked to the user's FUPS account, supporting contactless payments, ATM withdrawals, and dual-account functionality through a second PIN tied to the Joint Account (İkili Hesap) feature.
- FUPS QR Kart Instantly generated QR-based virtual card compatible with the Turkish QR code standard (TR Karekod), enabling payments at physical POS terminals and ATM withdrawals without carrying a physical card.
Quantifiable outcome
- Instant virtual QR card generation at any TR QR-compatible POS terminal and ATM without physical card
Companies that use FUPS
Customer profileSegments1 record
Ideal customer profiles1 record
FUPS technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature6 records
FUPS partnerships and signals
Strategic signalPartnerships
Six partnerships are on record, tiered minor and core.
- Carrefour TurkeyminorFUPS cards are sold at physical Carrefour supermarket locations in Turkey, providing offline retail distribution alongside digital channels.
- TrendyolminorFUPS cards are listed and sold through Trendyol, Turkey's leading e-commerce marketplace, providing online retail distribution.
- HepsiburadaminorFUPS cards are listed and sold through Hepsiburada, a major Turkish online marketplace, providing additional online retail distribution.
- VisacoreFUPS operates on the Visa payment network, enabling card payments at Visa-compatible POS terminals globally.
- Central Bank of the Republic of Turkey (TCMB)coreFUPS is licensed by TCMB as an electronic money institution under Law No. 6493. TCMB provides regulatory oversight and authorization for FUPS's payment services and electronic money operations.
- BKM (Turkey Payment Systems)coreBKM (Bankalararası Kart Merkezi) is Turkey's interbank card center. FUPS is integrated with BKM for payment system interoperability.
Scale indicators4 records
Recent moves6 records
Expansion highlights4 records
FUPS competitors and assessment
Company assessmentDirect peers
- Papara: Turkey's leading e-money institution and digital wallet, also TCMB-licensed under Law 6493. Closest direct competitor to FUPS in consumer prepaid accounts, P2P transfers, QR payments, and card issuance, with a much larger user base.
- Enpara: Branchless digital bank launched by QNB Finansbank in Turkey. Competes with FUPS on digital-only consumer banking, instant onboarding, and fee-free transfers, backed by an incumbent bank's balance sheet and distribution.
- CEPTETEB: Digital banking brand of TEB (BNP Paribas subsidiary) in Turkey. Comparable to FUPS as a mobile-first consumer banking proposition with card issuance, transfers, and bill payments, leveraging a parent bank's compliance and treasury infrastructure.
- N Kolay: Digital-only bank of Aktif Bank in Turkey. Offers branchless onboarding, free transfers, and consumer payments comparable to FUPS, with the backing of a licensed Turkish bank for deposits and lending.
Broad incumbents
- Revolut: UK-based global neobank reportedly in advanced talks to acquire FUPS for ~£80M. Comparable as a multi-currency digital account, card issuer, and payment app, but operates at vastly larger global scale and is the strategic acquirer in this case.
- N26: Germany-headquartered pan-European neobank. Comparable in digital onboarding, card issuance, and consumer payments, but operates at multi-country scale and is broader in product scope than FUPS's Turkey-only focus.
- Monzo: UK challenger bank with a mobile-first current account, card issuance, and P2P payments. Comparable to FUPS in PLG onboarding and consumer UX focus, though operating within a more mature UK digital-banking market.
- Starling Bank: UK digital bank with full banking license. Comparable business model—mobile-first current accounts, card payments, and in-app money management—scaled across a larger customer base and product set.
- Wise: UK-headquartered cross-border payments and multi-currency account specialist. Comparable in regulated money-services licensing, card issuance, and consumer payment UX, though primarily monetizing FX rather than domestic P2P transfers.
Emerging players
- Bunq: Netherlands-based digital bank with EU banking license. Comparable in self-serve app onboarding, multi-account budgeting, and card issuing, with a focus on European consumer and freelancer segments overlapping FUPS's target user.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights6 records
Customer concentration
FUPS social profiles
Digital presenceFUPS compliance and trust
Trust signalCompliance2 records
FUPS financial estimates
Financial estimateRevenue estimate
Valuation estimate
FUPS leadership team
Management profileNumber of profiles
Profiles2 records
FUPS funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
FUPS M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about FUPS
What does FUPS do?
FUPS is a licensed Turkish electronic money institution offering branchless digital banking services to individual consumers. Its offering centers on a self-serve mobile and web platform (FUPS Mobil, FUPS İnternet Şube) that enables instant account creation, 24/7 money transfers, bill payments, ATM cash withdrawals, contactless and QR card payments, and social banking features for shared expenses such as Seç Seç Hesap, Böl Böl, İkili Hesap, Chat-based transfers, and a smart virtual card for subscription management. Customers can obtain a physical FUPS Kart via home delivery or purchase at Carrefour stores and on Trendyol/Hepsiburada marketplaces.
Is FUPS a public or private company?
FUPS is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was FUPS founded?
FUPS was founded in 2018. It employs 51 to 100 people.
Where is FUPS based?
FUPS is headquartered in Umraniye.
How does FUPS make money?
Two revenue lines are on record. Payment and transfer services are the primary driver. The others are card services.
Who are FUPS's main competitors?
Direct peers on record are Papara, Enpara, CEPTETEB and N Kolay. Broad incumbents are Revolut, N26, Monzo, Starling Bank and Wise. Bunq is listed as an emerging player.
Does FUPS have an API?
No public API is recorded for FUPS.
What industry is FUPS in?
FUPS's product category is Digital Banking / Neobank. Its primary akta.pro industry code is FSAMABAA, Integrated Payment Processors (PSP/Acquirer), with a secondary code of THALAHAB, Card Issuing & Virtual Cards (lodge cards, single-use, tokenization). Its NAICS code is 52232 and its SIC code is 6199.