Argentina's monetary authority has signed off on Revolut Ltd.'s planned takeover of Banco Cetelem Argentina - an agreement the UK fintech reached in 2025 to buy the asset from a BNP Paribas SA unit - as a step toward operating with a bank license domestically. The sign-off allows Revolut to move ahead to close the transaction, which it has characterized as among its top expansion prospects in the region. Once the deal is finalized, the Banco Cetelem brand will switch to Revolut Bank Argentina SAU.
Revolut Argentina CEO Agustín Danza called the approval "It's a major milestone on the path to Revolut's launch in Argentina," adding, "Competing as a bank is when we can deploy the full power of our value proposition and have the greatest possible impact." The company is working toward a 2027 commercial launch. In the initial phase, the bank will hold off on offering products to the public while it completes regulatory and operational requirements and finalizes its offering for a future rollout, the company said.
Revolut intends to roll out a unified app that bundles core banking, lending, cross-border spending, and wealth offerings, among other capabilities. Danza said the goal is to arrive with a wide set of services available in the app, rather than layering them in slowly. More than 150,000 people have already joined the Argentina waitlist. Revolut has also formed a local board chaired by Juan Marotta, previously the head of HSBC Argentina and HSBC South America.
Revolut is leaning into markets beyond Europe, with Latin America standing out given its large population and historic gaps in service from traditional banks. In Mexico, the firm operates as a fully fledged bank; in Brazil it holds a direct‑credit authorization that limits its range of offerings; and last year it secured full banking authorization in Colombia. "If you want to be a global bank, you have to be in Latin America, and Argentina is a key market where you need to be," Danza said.
"Consumers are financially sophisticated and early adopters of technology. It's a young population that is open to change. It's a very attractive growth opportunity for Revolut."
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Competition in Argentina's digital finance scene is already intense. Revolut will go up against Mercado Pago, which dominates local digital wallets, as well as banks and fintech players including Ualá and Naranja X. Last year, MercadoLibre said it intended to seek a bank charter in Argentina for its fintech unit; local media also cited a central bank director at a Sept. 24 event saying the approval was anticipated before year-end.
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