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Revolut just got the green light in Argentina. The Central Bank of Argentina approved the British fintech’s bid to acquire Banco Cetelem from BNP Paribas Personal Finance — a move that basically hands Revolut a ready-made banking structure instead of building one from the ground up.
The deal isn’t closed yet. That matters. Final transaction closure is still pending, and until it goes through, the newly acquired bank won’t offer any public services. So customers on the waiting list — and there are over 150,000 of them, already signed up since Revolut announced its Argentine ambitions — will have to sit tight. No firm date on when that changes, either. Revolut hasn’t given one.
Who’s Running the Show
Once the deal closes, Banco Cetelem gets rebranded as Revolut Bank Argentina S.A.U. Leadership is mostly set. Agustín Danza is lined up to become CEO, though that appointment still needs standard sign-off from the central bank. Juan Marotta, the former CEO of HSBC Argentina, will chair the local board. Danza has pointed to the acquisition as a strategic milestone, saying Revolut is ready to compete and that the company’s broad value proposition gives it real standing in the market. Beyond that, specifics are thin. Revolut hasn’t said much publicly about what the product lineup will look like at launch, or exactly when 2027 operations would kick off.
The bank also has to clear a set of capital, operational, and regulatory requirements before it can actually serve customers. That’s not unusual for a fresh banking authorization in Argentina, but it does mean the path from approval to open-for-business is still pretty long.
What Revolut Is Walking Into
Argentina’s digital payments scene is already crowded and fast-moving. Mercado Pago, Ualá, and Naranja X are all entrenched. These aren’t small players — they’ve built massive user bases and deep product ecosystems over years. Revolut will need to give Argentine consumers a genuine reason to switch, or at least add another app to their financial lives.
The opportunity is real, though. Electronic payments and instant transfers account for a large and growing share of transactions in the country. The Central Bank of Argentina’s own data backs that up. Argentina’s adult population is largely banked, which cuts both ways — it means Revolut isn’t walking into a financial inclusion gap, it’s walking into a market where people already have options and know how to use them. That’s probably harder, not easier.
Revolut’s pitch seems to be its global product breadth. Everyday banking, credit, international spending, wealth products — the company has a wide suite, built over years of operating across dozens of markets. Whether that translates cleanly into what Argentine consumers actually want is unclear yet. The 2027 launch specifics haven’t been disclosed.
And there’s the pricing question. Revolut hasn’t said what it paid for Banco Cetelem, or how much capital it’s earmarking for the Argentine venture. No details. That’s a notable gap for a deal of this scale, and it makes it hard to gauge how aggressively the company plans to invest in competing locally.
The Bigger Latin America Play
Argentina isn’t a one-off bet. Revolut already runs a licensed bank in Mexico. It’s secured a banking license in Colombia. In Peru, it’s got initial authorization to set up a bank, though further operational approvals are still needed before anything launches there. The pattern is pretty consistent — Revolut is working through Latin America market by market, using local licensing rather than trying to operate cross-border.
Latin America broadly has become a serious focus for global fintechs. The region’s young, mobile-first population, combined with strong smartphone penetration and a growing appetite for digital financial services, makes it attractive. Revolut isn’t alone in seeing that. But it’s one of the few European fintechs trying to build a full banking presence across multiple Latin American countries simultaneously.
Argentina specifically has seen a sharp rise in digital payment adoption over the past several years. Instant transfers have become a standard part of daily commerce for millions of people. That infrastructure exists. Revolut doesn’t need to educate the market on digital banking — it needs to convince people its version is better than what they’ve got.
That’s the real challenge. Mercado Pago alone has tens of millions of users across the region. Ualá has built a loyal base with a debit card product that resonated with younger Argentines. Naranja X comes with the legacy of a massive retail credit card network. Revolut’s global brand carries weight in Europe and parts of Asia, but it’s not a household name in Buenos Aires.
So the 150,000 people on the waiting list are a decent signal of curiosity. Whether curiosity converts to active accounts once the bank actually opens — that’s the number that will matter. And right now, nobody knows it.
Danza’s appointment as CEO still needs central bank approval. Juan Marotta leads the local board.
Frequently Asked Questions
Has the Revolut acquisition of Banco Cetelem officially closed?
No. The Central Bank of Argentina approved the acquisition, but the transaction has not yet closed and the bank won’t offer public services until it does.
Who will lead Revolut Bank Argentina S.A.U.?
Agustín Danza is set to become CEO, pending central bank approval, with Juan Marotta, former CEO of HSBC Argentina, chairing the local board.
Why It Matters
Revolut's acquisition of Banco Cetelem positions the company to directly compete with established players like Mercado Pago and Ualá in Argentina's growing fintech landscape. This move underscores the increasing interest of foreign fintech firms in Latin America, where digital banking solutions are rapidly gaining traction amid a push for financial inclusion. The pending closure of the transaction highlights the regulatory hurdles that can impact market entry strategies in the region.
