Revolut Expands into Latin America with Strategic Argentina Acquisition

UK-based fintech leader Revolut has officially stepped into the Latin American market by acquiring Banco Cetelem in Argentina, a local branch of the French banking group BNP Paribas. This move marks Revoluts first direct entry into South America and is a key part of its strategy to grow internationally. The fintech company is valued at $45 billion.

Sources close to the deal say that the purchase includes Banco Cetelems full banking license and about $6.4 million in assets. Although Banco Cetelem is one of the smaller banks in Argentina, the license gives Revolut a solid base to operate in a country where the financial sector is quickly changing.

This acquisition in Argentina fits into Revolut‘s wider plan to expand globally by buying banking licenses and smaller financial firms to speed up its worldwide growth. The company has already started the official process to get approval from Argentina’s central bank.

The sale of BNP Paribas‘s Argentine unit to Revolut came after a tough bidding war that also involved investment firm Southern Cross Group and brokerage company Criteria. Revolut’s focus on growing in markets that are often overlooked helped it win the deal.

“This step allows Revolut to work as a local bank and offer new banking products designed specifically for Argentine customers,” said someone familiar with the talks.

To back its growth, Revolut has started hiring for its Argentine team and named Agustín Danza as CEO of the new branch. Danza will lead the companys plans for entering the market, adjusting products for local needs, and making sure they follow rules.

Revolut‘s arrival in Argentina comes at a time of big change. President Javier Milei’s economic reforms are reshaping the countrys financial scene, with private lending picking up and mortgage products coming back after a long absence. Data from the Argentine banking group Adeba shows that private lending grew by 53% in real terms during 2023, the fastest increase in over 30 years.

Despite the opportunities, Revolut will face tough competition from local fintech companies like MercadoLibre and Uala, which are already strong in digital payments and retail banking. Still, with its global know-how, digital-first approach, and now a full local banking license, Revolut is well-positioned to compete.

This deal is more than just a win for Revolut; it also shows growing global interest in Argentinas recovering financial market.

About Revolut

Founded in 2015 and based in London, Revolut offers a range of financial services such as multi-currency accounts, cryptocurrency trading, budgeting tools, and international money transfers. The company serves over 60 million users worldwide and holds a limited UK banking license as well as a full license in Mexico. With this acquisition in Argentina, Revolut continues its strong push to gain more than 10 new banking licenses around the world.