UK Fintech Revolut will enter the Argentinian market after agreeing to buy Cetelem Argentine from BNP Paribas Personal Finance. It will be the fourth country in Latin America where Revolut will be present.
The agreement is subject to a regulatory authorization, including that of the Central Bank of Argentina. Revolut will be able to use the Bank License of Cetelem Argentine and operate as a bank. The financial conditions of the acquisition have not been disclosed.
“Argentina is an important step in our mission to build the first world’s first global super-application in the world,” explains Nik Storonsky, co-founder and chief executive officer. “We see an immense potential to transform how people in Argentina manage their money by offering transparent, flexible and designed digital banking experiences.”
Services will include multi-monnactor accounts with the US dollar accepted as a tool to arbitrate PESO fluctuations. In addition to free transfers, exchange services, credit, savings and investment services are available.
Agustín Danza was appointed earlier this year as a Argentinian CEO of Revolut, after being head of the Newports capital and responsible for banks and payments at Mercado Libre.
Revolut made its debut in Brazil with a multi-money account that offers transfer capacities, as well as cryptocurrency investments. In April 2024, they received a banking license from the National Banks and Securities Commission in Mexico, allowing them to operate a Neobank subsidiary. In October 2024, Revolut announced its intention to request a banking license in Colombia through the Superintendencia will finance Colombia.
Cetelem is one of the two smallest banks in the Argentinian system of 73. Its total asset amounts to $ 6.4 million. The agreement should include both the banking license and the assets. The other interested parties included Southern Cross Group, led by the businessman Norberto Morita, and the criteria of the brokerage company.
Banks in Argentina are now able to offer mortgages, Revolut will be faced with significant competition from traditional institutions as well as free and Ualá Mercado.
“With a flourishing fintech scene and an ambitious economic momentum, we are convinced that the disruptive approach of Revolut in funding will flourish,” explains Danza.