Revolut Secures Argentina Banking License with Banco Cetelem Acquisition Approval

Revolut has secured regulatory approval from the Central Bank of Argentina to acquire Banco Cetelem Argentina S.A. from BNP Paribas Personal Finance. This acquisition provides the global fintech with a critical banking license in South America, enabling a transition from a digital wallet provider to a fully regulated banking entity within the Argentine market.

What was announced

The Central Bank of Argentina has formally approved Revolut’s acquisition of Banco Cetelem Argentina S.A., a subsidiary of BNP Paribas Personal Finance. Upon the completion of this transaction, the entity will be rebranded as Revolut Bank Argentina S.A.U. While the bank will initially focus on internal infrastructure and fulfilling regulatory and operational requirements, it will not immediately offer public-facing products or services. This "soft" entry period is designed to finalize the company’s value proposition and prepare for a full market launch at a later date.

The leadership team for the new entity has already been established, with Agustin Danza set to be appointed as CEO, pending standard regulatory approvals. The Board of Directors will be chaired by Juan Marotta, who brings significant regional experience as the former CEO of HSBC Argentina and HSBC South America. The move follows a period of significant consumer anticipation; since Revolut first signaled its intent to enter the Argentine market, more than 150,000 individuals have joined a local waitlist.

This expansion is part of a broader push into Latin America. Revolut recently launched its first fully licensed banking entity outside of Europe in Mexico, where it already serves over 500,000 retail customers. Globally, the company is navigating several licensing milestones, including conditional approval from the U.S. Office of the Comptroller of the Currency (OCC) for a national bank charter, with a proposed 2027 launch. In 2026, the company has also continued to progress license applications in the UAE, Peru, and South Africa.

"This is an important milestone in our long-term commitment to Argentina. Receiving approval from the Central Bank brings us one step closer to establishing our banking operations in the country, as we continue building our local capabilities and preparing to bring Revolut’s global financial platform to Argentine customers,"

Agustin Danza at Revolut Bank Argentina S.A.U.

The companies involved

Revolut is a global financial platform headquartered in London, currently serving more than 80 million customers across 40 markets. The company operates as a fully licensed bank in the United Kingdom, Mexico, Australia, and throughout the European Economic Area (EEA). It has evolved from a travel-focused currency exchange app into a "super-app" offering everyday banking, credit, wealth management, and lifestyle rewards. FF News has tracked the company’s growth extensively, with 245 previous reports covering its technological and regulatory milestones.

The seller, BNP Paribas Personal Finance, is a major division of the French banking giant BNP Paribas. It has a long-standing presence in the consumer credit market globally. Banco Cetelem Argentina S.A., the entity being acquired, has historically operated under the BNP Paribas umbrella in the region. This divestment allows BNP Paribas to streamline its South American footprint while providing Revolut with the necessary corporate shell and regulatory standing to operate as a local bank. The acquisition of an existing licensed entity is a common strategy for fintechs looking to bypass the lengthy "de novo" banking license application process.

What FF News has reported before

Revolut’s expansion into Argentina follows a series of high-profile moves in its core markets. FF News recently reported on the company’s innovation in the retail space with Revolut Launches Facial Recognition Payments and 0% Merchant Fees in UK High Street Pilot, highlighting its push into biometric authentication. Additionally, the company’s corporate strategy has been under intense scrutiny as it considers its future as a public entity. We covered this in Revolut Eyes Dual Listing in London and New York: A Major Boost for the City’s Fintech Status, which detailed the potential for a landmark IPO that could bridge the gap between European and American capital markets.

What this means

The acquisition of a banking license in Argentina is a bold move into one of the world’s most complex economic environments. For the fintech industry, this signals that the "license-first" model is becoming the standard for global expansion, as firms seek to offer high-margin credit and wealth products rather than just payment processing. Local incumbents and established fintechs like Mercado Pago now face a competitor with a massive global balance sheet and a proven "super-app" playbook. The primary challenge for the sector remains whether a global platform can adapt its unit economics to survive Argentina’s unique inflationary pressures and currency volatility while maintaining the seamless user experience that defined its European success.