Revolut Gets Argentina Banking Green Light

Revolut has secured approval from Argentina’s central bank to acquire Banco Cetelem Argentina from BNP Paribas Personal Finance, marking an important step in the global fintech’s expansion across Latin America.

Following completion of the transaction, Banco Cetelem will be renamed Revolut Bank Argentina S.A.U. and operate as a locally regulated banking entity. The transaction value has not been disclosed.

Revolut will not immediately launch public-facing products. Instead, the initial phase will focus on meeting regulatory, capital and operational requirements while strengthening its local infrastructure and team.

The opportunity is significant. Revolut says more than 150,000 consumers are already on its Argentine waitlist, indicating substantial interest ahead of the formal launch. The company serves more than 80 million customers globally.

Once operational, Revolut plans a broad digital proposition covering everyday banking, credit, international spending, investments, rewards and lifestyle benefits through a single application. Agustín Danza is expected to lead the Argentine operation, subject to further regulatory approval.

Competition, however, will be intense. Revolut will enter a market already served by strong fintech players including Ualá and Mercado Pago, alongside established international banks such as BBVA and Santander.

Strategically, acquiring an existing regulated bank gives Revolut a faster foundation for building a licensed local banking operation rather than approaching Argentina purely as a fintech entrant. The move reinforces a wider industry trend: digital challengers are increasingly combining fintech technology with regulated banking infrastructure to compete directly with traditional banks.