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UK-based fintech Revolut has received regulatory approval to acquire Argentinian lender Banco Cetelem from French banking group BNP Paribas, clearing a key hurdle for its planned expansion into the country’s financial services market.
The approval from Argentina’s central bank paves the way for Revolut to complete the transaction and rebrand Banco Cetelem as Revolut Bank Argentina as the fintech prepares to establish its local banking operations.
Revolut prepares for Argentine launch
Following the regulatory approval, Revolut said its Argentine operation will initially focus on completing the regulatory and operational requirements needed to begin offering services in the market.
The local bank will operate under the leadership of CEO Agustin Danza, with public-facing products and services not expected to launch immediately.
The company is, however, building its local infrastructure ahead of a broader rollout. Revolut said around 150,000 people have already joined its waitlist, signalling early interest in its planned entry into the Argentine market.
Once launched, the company intends to offer a range of financial products through a single application.
These are expected to include everyday banking services, credit, international spending, wealth management, rewards and lifestyle benefits.
Acquisition strengthens Revolut’s Latin American expansion
The acquisition of Banco Cetelem provides Revolut with an established local banking entity as it prepares to enter one of Latin America’s major financial markets.
Rather than launching solely as a new digital financial services provider, the acquisition allows the fintech to build its offering around a locally regulated banking operation, subject to the completion of the remaining regulatory and operational requirements.
The move forms part of Revolut’s broader international expansion strategy, which has seen the company pursue banking licences, regulatory approvals and local operations across multiple markets.
Argentina offers an opportunity for digital financial services providers as consumers increasingly adopt fintech and mobile-based financial products.
Revolut enters competitive Argentine market
Revolut will enter a market where established local fintech companies and international banks already offer digital banking, payments, credit and other financial services.
Local players such as Ualá and Mercado Pago have built significant positions in Argentina’s digital financial services market, while international banking groups including BBVA and Santander also operate in the country.
Revolut’s planned offering will therefore bring another digital banking platform into an increasingly competitive market.
With its Argentine banking entity secured and a sizeable waitlist already established, the company is now focused on completing the operational preparations required before launching its full suite of financial services.
The planned rollout will allow Revolut to test how its broader digital banking model translates into the Argentine market while building its local customer and regulatory infrastructure.
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