UK fintech Revolut will enter the Argentine market after agreeing to purchase Cetelem Argentina from BNP Paribas Personal Finance. This will be the fourth Latin American country where Revolut will have a presence.
The deal is subject to regulatory authorization, including that of the Central Bank of Argentina. Revolut will be able to use Cetelem Argentina’s banking license and operate as a bank. Financial terms of the acquisition have not been disclosed.
“Argentina is an important milestone in our mission to build the world’s first truly global financial super-app,” says Nik Storonsky, co-founder and Chief Executive Officer of Revolut. “We see immense potential to transform how people in Argentina manage their money by offering digital banking experiences that are transparent, flexible, and designed around their needs.”
Services will include multi-currency accounts with the US dollar accepted as a tool to arbitrate against fluctuations in the peso. In addition to fee-free transfers, currency exchange, credit, savings, and investment services are available.
Agustín Danza was appointed earlier this year as the Argentine CEO for Revolut, having previously served as head of Newports Capital and head of banking and payments at Mercado Libre.
Revolut debuted in Brazil with a multi-currency account that offers remittance capabilities, as well as cryptocurrency investments. In April 2024, they received a banking license from Mexico’s National Banking and Securities Commission, allowing them to operate a neobank subsidiary. In October 2024, Revolut announced plans to apply for a banking license in Colombia through the Superintendencia Financiera de Colombia.
Cetelem is one of the two smallest banks in the Argentine system of 73. Its total assets amount to $6.4 million. The deal is reported to include both the banking license and the assets. Other interested parties included Southern Cross Group, led by businessman Norberto Morita, and brokerage firm Criteria.
With banks in Argentina now able to offer mortgages, Revolut will face significant competition from traditional institutions as well as the likes of Mercado Libre and Ualá.
“With a thriving fintech scene and ambitious economic momentum, we are confident that Revolut’s disruptive approach to finance will flourish,” says Danza.