UK-based neobank Revolut announced they are acquiring Banco Cetelem, an Argentine bank owned by BNP Paribas, marking its entry into South America’s second-largest economy. The acquisition is pending approval from Argentina’s central bank, and the final value of the transaction was not disclosed.
Revolut is a global financial technology company offering digital banking services. With Cetelem’s banking license and $6.4M in assets, Revolut plans to offer services such as accounts, transfers, investments, and payments from its app, customized to meet the needs of Argentine consumers, many of whom save in U.S. dollars. The move will place Revolut in direct competition with local fintechs like Mercado Pago and Ualá.
Founded in 2015, Revolut has over 60M customers worldwide and reached a valuation of $45 billion, making it one of Europe’s most valuable fintechs. Revolut is expanding in Latin America, with existing operations in Mexico and Brazil. Its CEO, Nik Storonsky, has previously stated that acquiring banks is a key strategy to accelerate Revolut’s expansion so they can secure the necessary operating licenses in new markets.
In conjunction with the acquisition, Revolut appointed Agustin Danza as CEO of Argentina.
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