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Revolut Targets Argentina with Acquisition of Banco Cetelem in Bid for Local Banking Licence
Revolut Ltd, Europe’s largest digital bank, is making a strategic move to enter Argentina’s banking system by acquiring Banco Cetelem, one of the smallest licensed lenders in the country. The acquisition, which includes Cetelem’s banking licence and approximately $6.4 million in assets, marks the fintech’s first operational step into South America’s second-largest economy.
According to individuals with direct knowledge of the matter, Revolut has already initiated the regulatory process with Argentina’s central bank, which must approve any change of ownership involving local financial institutions. Though no official confirmation or valuation of the deal has been disclosed, the London-based company’s involvement follows a competitive bidding process that included local contenders such as investment firm Southern Cross Group and brokerage firm Criteria.
Regulatory Progress and Local Hiring Underway
Sources indicate that Revolut is moving quickly. In addition to pursuing approval from Argentina’s central bank, the company has already begun assembling a local leadership team. Among the early hires is Augustín Danza, who is reportedly stepping in as CEO for Revolut’s Argentine operations.
The acquisition would not only grant Revolut formal entry into Argentina’s regulated banking sector, but also provide a local operational base in a market that is rapidly evolving under the country’s new economic leadership.
A Strategic Entry Point Amid Financial Reforms
President Javier Milei’s government has introduced sweeping economic reforms aimed at restoring fiscal balance and reigniting investment in Argentina’s financial infrastructure. Recent measures include reductions in government spending, lifting some capital controls, and tightening monetary policy by halting money printing. These moves have contributed to declining inflation and a modest recovery in consumer purchasing power, creating favorable conditions for banks and financial service providers.
In parallel, the credit market has begun to expand again after years of stagnation. Mortgage offerings have returned, and private sector credit rose by 53% in real terms in 2024, the strongest increase in over thirty years, according to the Argentine Banking Association (Adeba). Revolut’s timing aligns with this renewed demand, positioning the company to benefit from an economy on the mend.
Fintechs Eye Argentina’s Reshaped Financial Sector
Revolut’s interest in Argentina is not an isolated case. Other digital finance firms such as MercadoLibre, Ualá, and Allaria Asset Management have also shown growing interest in obtaining banking licences to formalize their roles in the national financial system. These firms, many of which already have strong consumer bases through app-based services, are racing to capitalize on regulatory tailwinds and evolving consumer behavior.
Acquiring Banco Cetelem allows Revolut to bypass the often lengthy licence application process. The move offers both speed and local credibility, especially in a competitive landscape where existing fintech players already serve as go-to platforms for millions of Argentines.
Global Licensing Strategy
Revolut’s planned acquisition in Argentina forms part of a broader strategy to secure banking licences across key markets. The company, founded in 2015, has grown into one of the largest global fintech players, with over 60 million customers and a valuation of around $45 billion.
Its leadership has recently acknowledged that early decisions to grow without banking licences limited the company’s ability to scale efficiently. In response, Revolut has shifted gears, with at least ten licence applications or acquisitions now in progress worldwide. These include licences already secured in Mexico and a restricted licence in the United Kingdom.
This strategy reflects a deliberate transition from operating as a payments and app-based financial platform to becoming a full-service digital bank with direct regulatory oversight in multiple regions.
A Small Bank, But a Big Step
Banco Cetelem, the lender at the center of the deal, ranks among the two smallest financial institutions in Argentina, with only $6.4 million in total assets as of March 2025. Owned by BNP Paribas, Cetelem’s minimal size may have kept it under the radar, but its licence makes it a valuable asset for a firm like Revolut looking to build a regulated presence in the country.
Although Revolut has not disclosed its post-acquisition roadmap, its local hiring efforts and the scope of regulatory filings suggest a long-term commitment. By taking control of an established licence holder, Revolut avoids starting from scratch in one of South America’s most complex financial markets.
Competitive Environment Awaits
Despite Argentina’s improving economic indicators, the market is far from frictionless. Revolut will enter a landscape where local fintech companies already have high adoption rates and entrenched user bases. MercadoLibre and Ualá, for instance, offer not only digital wallets but also a broad range of financial services including loans, bill payments, and mobile top-ups.
This dynamic sets the stage for heightened competition, where Revolut will need to differentiate itself not only on product offering but also on pricing, user experience, and integration with local services. Its success will likely depend on its ability to adapt global solutions to local realities — including volatile currency exchange rates, regulatory shifts, and consumer preferences that have been shaped by years of economic instability.
Conclusion
Revolut’s planned acquisition of Banco Cetelem marks more than just an entry into Argentina. It signals the company's global ambition to transition from a digital finance platform to a licensed bank with regulated footholds across continents. In doing so, Revolut joins a wave of financial and fintech firms seeking to take advantage of shifting conditions in Argentina’s economic and regulatory environment.
While the deal is still subject to approval from Argentina’s central bank and remains confidential in terms of valuation, the strategic implications are clear. If successful, Revolut could gain not only a licence but also a front-row position in a revitalized banking sector — one that appears ready for a new chapter.
