The British fintech leader Revolut, which has Ukrainian roots, has announced its intention to acquire the Argentine lender Banco Cetelem Argentina SA. The latter is currently owned by BNP Paribas Personal Finance. This move is part of Revolut’s strategy to expand its operations in the Latin American markets.
This is reported by Finway
Revolut’s Expansion in Latin America
Revolut is already operating in Brazil, Mexico, and Colombia, and the acquisition of Banco Cetelem Argentina SA will allow the company to strengthen its position in one of the largest financial centers in the region. The details of the deal remain undisclosed as it still requires approval from regulatory authorities.
New Financial Services for Argentinians
Revolut plans to offer products in Argentina tailored to local demands. These include multi-currency accounts, commission-free transfers, and the ability to trade currencies. Amid the economic instability that has plagued Argentina for decades, these services could become popular among citizens who traditionally choose the US dollar as a reliable means of saving.
A significant portion of Argentinians currently use the Mercado Pago service from MercadoLibre for quick financial transactions, avoiding delays when paying with credit cards. Revolut’s entry into the local market will create competition for Mercado Pago, another influential fintech Uala, as well as the leading traditional banks in the country.
“In its statement, the company noted that it plans to offer products in Argentina tailored to local consumer needs: multi-currency accounts, commission-free transfers, and currency trading.”
In 2024, Revolut’s valuation reached $45 billion, allowing the company to match the capitalization of leading European banks. Today, over 60 million customers worldwide use its services.