Revolut Acquires Banco Cetelem, Attracting 150,000 Pre-Registrations in Argentina

Revolut just bought itself a banking shortcut. The British fintech grabbed Banco Cetelem from BNP Paribas Personal Finance, skipping the slow, grinding process of building a local institution from scratch and applying for a fresh Argentine banking license.

The deal gives Revolut an existing regulated bank — and a clear runway into one of Latin America’s most digitally active markets. Argentina’s central bank still needs to sign off on the transaction, and the final closing date hasn’t been set. But the approval process is moving, and Revolut is already lining up leadership. Agustín Danza is set to become CEO of what will eventually be rebranded Revolut Bank Argentina S.A.U., pending central bank clearance. The local board chair will be Juan Marotta, who previously ran HSBC Argentina and HSBC South America. Danza, for his part, called the acquisition crucial for Revolut’s Argentine launch, saying it lets the company leverage its full potential in the country. And the waiting list is already stacking up — more than 150,000 people have signed up ahead of any commercial offering.

Not a bad head start.

What Revolut Is Walking Into

Argentina’s payment landscape has moved fast. By mid-2025, instant payments and transfers made up 60% of all transactions by number and 73% by value. Cash? Down to just 6.2% by value. That’s a market that’s basically already gone digital, which sounds like great news for a mobile-first bank. But it also means the competition is entrenched and well-funded.

Mercado Pago, Ualá, and Naranja X all operate in that space. They know the local consumer, they’ve built loyalty, and they’ve had years to iron out the friction points that come with Argentine banking — currency controls, inflation dynamics, regulatory complexity. Revolut is walking into a crowded room, not an empty one.

The company hasn’t said exactly which services will be available at launch. Everyday banking and international spending are on the table, per what’s been shared publicly, but specific products haven’t been detailed. A commercial launch is planned for 2027, which gives Revolut roughly a year or more to sort out the operational and regulatory requirements that still sit between the deal announcement and actual customers using the app.

Revolut hasn’t disclosed the purchase price for Banco Cetelem. It also hasn’t said how much capital it’s putting into the Argentine operation. That’s a lot of unknowns still floating around a deal that’s gotten a fair amount of attention.

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Broader Latin America Push

Argentina isn’t Revolut’s first move in the region — it’s more like the third or fourth. The company already launched a bank in Mexico and locked down a banking license in Colombia. In Peru, it got initial authorization to set up a bank, though further approvals are still pending there too.

So there’s a clear pattern. Revolut is methodically working through Latin America, targeting markets where mobile and electronic payment adoption is high and where large portions of the population either lack access to traditional banking or are actively looking for better alternatives. Argentina fits that profile, even if it comes with a more complicated regulatory and macroeconomic backdrop than some of its neighbors.

The Banco Cetelem acquisition is a smart structural move for exactly that reason. Building a bank from zero in a country like Argentina takes time — years, probably, between licensing, capitalization requirements, and regulatory review. Buying an existing licensed institution cuts that down significantly. Revolut gets infrastructure, a regulatory footprint, and a faster path to actually operating. Once the central bank approves the deal and all capital and operational requirements are met, the rebrand to Revolut Bank Argentina S.A.U. goes through and the clock to 2027 starts ticking in earnest.

Whether that timeline holds is unclear. Regulatory processes in Argentina can stretch, and Revolut still needs to satisfy conditions that haven’t been publicly spelled out in full. The central bank’s role here is significant — Danza’s appointment as CEO is itself pending that approval.

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But 150,000 people on a waiting list before a single product has launched is a real number. That’s genuine demand, not manufactured hype. Revolut will need to convert that interest into active users fast once the doors open, especially with Mercado Pago and Ualá already deeply embedded in how Argentines manage their money day to day.

The purchase price for Banco Cetelem remains undisclosed.