Revolut buys Banco Cetelem to enter Argentina

By Vriti Gothi

Revolut, a digital bank, has acquired Argentina’s Banco Cetelem, a lender owned by BNP Paribas, as the company continues to expand its presence in Latin America.

The London-based FinTech said the purchase would secure a full banking licence in Argentina, marking its first formal entry into South America’s second-largest economy. The move builds on Revolut’s recent growth in the region, where it has already launched operations in Mexico and Brazil.

Banco Cetelem is a licensed bank, with assets of around $6.4 million according to central bank data as of March. The deal, which remains subject to regulatory approval from Argentina’s monetary authority, will see Revolut take over both Cetelem’s licence and assets. The value of the transaction has not been disclosed.

Revolut participated in a competitive bidding process alongside other interested buyers, including private equity firm Southern Cross Group and local brokerage Criteria. The company has already begun to build its leadership team for Argentina, appointing Agustin Danza as Chief Executive Officer to oversee the business locally.

The acquisition comes as Argentina’s financial sector undergoes significant change. Under President Javier Milei, the government has introduced sweeping economic reforms, including cuts to public spending, the easing of some capital controls and tighter monetary policies. The reforms have contributed to stabilising inflation and boosting real wages in parts of the economy, which in turn is driving a recovery in consumer lending.

Several domestic and international financial firms have shown renewed interest in Argentina’s banking market in recent months. Local FinTechs and capital market players, including Allaria, Uala and MercadoLibre, have sought banking licences to expand their services in line with new market conditions.

Revolut’s entry signals its intention to position itself as a key digital player in Argentina’s evolving banking sector, combining the trust of a regulated entity with the flexibility of a technology-led platform.

Nik Storonsky, Co-founder and Chief Executive Officer of Revolut, said, “Argentina is an important milestone in our mission to build the world’s first truly global financial superapp. 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.”

Agustin Danza, Revolut’s newly appointed Argentina CEO, will lead local hiring and operational development as the company works to tailor its services for the domestic market.

Revolut serves over 40 million customers globally and is seeking to replicate its European success in new markets where demand for accessible, technology-driven financial services is growing.