UK-based digital bank expands operations, aiming to serve the Turkish expatriate community in the country.
RUUT Digital Bank Expands to the UK, Targeting Turkish Diaspora
RUUT, a digital banking solution designed to simplify money transfers for the Turkish diaspora, is set to launch in the UK in 2025. This expansion marks the brand's move to offer its services across 27 EU countries.
Halim Memiş, CEO of Moka United and RUUT, has stated that the venture aims to deliver inclusive, user-friendly, and trusted digital banking experiences, starting in the UK. Moka United is a fintech subsidiary of İşbank, Turkey's largest privately-owned bank.
The tech for RUUT is being provided by Algbra Labs, a UK-based fintech company. This partnership ensures a robust and secure platform for RUUT's operations.
RUUT will offer both retail and business accounts, along with cards and remittances services. The digital bank is positioning itself as a challenger bank, aiming to disrupt traditional banking models with its innovative approach.
The UK offering of RUUT will be more comprehensive than the one built in Germany. This expansion is significant, as the UK is home to close to one million Turkish diaspora, a key target audience for RUUT.
RUUT's UK launch is part of its broader strategy to expand across Europe. With a fully operational platform expected within six months from the partnership announcement in August 2025, RUUT is poised to make a significant impact in the digital banking landscape.
To ensure regulatory compliance, RUUT will offer its financial products through regulated financial infrastructure partnerships. This approach underscores RUUT's commitment to transparency and security in its operations.
As RUUT prepares to enter the UK market, it promises to bring a more accessible and user-friendly digital banking experience to the Turkish diaspora. With its innovative approach and robust technology, RUUT is set to revolutionise the way money is transferred across Europe.
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