Revolut is set to acquire Banco Cetelem Argentina from BNP Paribas Personal Finance, marking its first direct entry into the Argentinian banking sector as it accelerates its Latin American expansion strategy.
Revolut acquires Banco Cetelem in Argentina
Financial terms were not disclosed, and the deal remains subject to regulatory approval from Argentina’s central bank.
Revolut has rapidly evolved from a payments and currency exchange app into a sprawling financial services platform offering banking, trading, crypto, and wealth products.
Its latest acquisition, though small in size, is highly strategic: Banco Cetelem Argentina is one of the country’s smallest licensed banks, with reported assets of approximately $6.4 million as of March.
The purchase allows Revolut to bypass lengthy licensing processes by securing Banco Cetelem’s existing banking permit, enabling it to launch local operations under regulatory compliance frameworks.
This follows Revolut’s similar approach in other markets, combining organic growth with tactical acquisitions to establish regulated footholds.
Agustin Danza has been appointed chief executive of Revolut Argentina.
Commenting on the acquisition, he said: “With a thriving fintech scene and ambitious economic momentum, we are confident that Revolut’s disruptive approach to finance will flourish.
Our goal is clear: we want to become the undisputed platform of choice for Argentinians managing their money, both locally and globally.”
Revolut already operates in Brazil, Mexico, and Colombia, and its expansion into Argentina comes amid growing demand across Latin America for alternative banking services amid high inflation and currency volatility.
The region has emerged as fertile ground for fintech innovation, driven by low financial inclusion, tech-savvy populations, and widespread smartphone penetration.
In recent years, Revolut has increased its pace of acquisitions, purchasing hospitality point-of-sale provider Nobly in 2021 and Indian foreign exchange business Arvog Forex in 2022.
The group’s valuation reached $45 billion in an oversubscribed secondary share sale in November 2024, placing it on par with established European banks such as Nordea and Société Générale.
Globally, Revolut claims over 60 million customers and has at least 10 banking permit applications in progress worldwide, according to Bloomberg.
Its CEO, Nik Storonsky, could reportedly secure a multi-billion dollar payday if he manages to drive the company’s valuation to $150 billion.
As Revolut integrates Banco Cetelem’s licence and infrastructure, it will gain a local springboard to introduce its suite of app-based financial products to Argentine consumers – a move likely to intensify competition in Latin America’s fast-evolving banking landscape.
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