A digital bank targeting the estimated near one million Turkish diaspora living in the UK is launching in the UK. Called RUUT, the challenger bank will offer retail and business accounts, including cards and remittances.
The brains behind the venture are Moka United, the fintech subsidiary of İşbank, Turkey’s largest privately-owned bank, and UK fintech Algbra Labs, which is providing the tech.
RUUT is an existing brand that has been created to help the Turkish diaspora in Europe make easy money transfers to Turkey.
A beta version of RUUT has already been built in Germany, but the UK banking offering is set to be more comprehensive. The UK offering will target the Turkish diaspora in the UK, which numbers close to one million people, according to estimates.
RUUT will offer its financial products through regulated financial infrastructure partnerships. RUUT plans to offer its services across 27 EU countries.
Halim Memiş, CEO of Moka United and RUUT, said: ”Through RUUT, we aim to deliver inclusive, user-friendly, and trusted digital banking experiences — beginning in the UK."
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