Revolut’s planned entry into Argentina’s banking sector has cleared a key regulatory hurdle after the Central Bank of Argentina approved its acquisition of Banco Cetelem, owned by BNP Paribas Personal Finance. The fintech will use the existing licensed bank to establish its local operation rather than apply for a new banking licence from scratch. The transaction still needs to close, and Banco Cetelem will not initially offer products or services to the public.
Revolut says more than 150,000 people have joined its waiting list in Argentina, with a commercial launch targeted for 2027. Acquiring an existing bank gives the company a regulated local entity through which to build its business, but it must still meet outstanding capital, operational and regulatory requirements before serving customers.
Banco Cetelem to become Revolut Bank Argentina
Once the transaction is completed, Banco Cetelem will be renamed Revolut Bank Argentina S.A.U. Revolut has not disclosed the purchase price, the amount of capital it plans to commit to the Argentine bank or a specific closing date.
Agustín Danza is expected to become chief executive of Revolut Bank Argentina, subject to the Central Bank of Argentina’s customary approval process for the appointment. The local board will be chaired by Juan Marotta, who previously served as chief executive of HSBC Argentina and HSBC’s South America operations.
Danza said obtaining bank status was an important step in Revolut’s plans for Argentina. In his view, operating as a bank will allow the company to deploy its products and services more fully in the market.
Revolut has previously outlined a potential offering that includes everyday banking, credit, international spending, wealth-management products and rewards. The company has not said which of those services will be available at launch. The final product range will depend on further regulatory approvals and operational preparations.
Argentina already has established digital-payment platforms
Revolut is entering a market where mobile and electronic payments are already widely used. Recent data from Argentina’s central bank showed that instant payments and transfers accounted for 60% of transactions by volume in the first half of 2025 and 73% by value. Cash in circulation represented 6.2% of payment value during the same period.
The market includes established digital-finance platforms such as Mercado Pago, Ualá and Naranja X. Almost all adults in Argentina already hold at least one bank or payment account. For Revolut, the challenge will therefore involve more than reaching people without traditional banking access. It will also need to persuade existing account holders to adopt a new banking and payments provider.
The size of the waiting list indicates that Revolut has attracted attention before launch, but it does not represent the number of active customers. Conversion will depend on pricing, the scope of the offering, the ease of moving accounts and the company’s ability to build regular usage in a market where existing platforms already have a strong presence.
Latin American expansion continues across Mexico, Colombia and Peru
Argentina is part of Revolut’s broader push across Latin America. The company has launched a licensed bank in Mexico and obtained a banking licence in Colombia. In Peru, Revolut has received preliminary approval to establish a bank but still requires further authorisation to begin operating.
Its Argentine expansion will therefore proceed alongside licensing and localisation work in other Latin American markets. Banking rules, capital requirements and operating permissions vary from country to country. The Argentine central bank’s approval of the acquisition advances the transaction and licensing route, but does not mean that consumer banking services have begun.
The closing date, capital commitment and first products to be launched have not yet been announced. For people on Revolut’s waiting list, the next significant steps will be completion of the acquisition and the fulfilment of the remaining regulatory and operational conditions before Revolut Bank Argentina S.A.U. can officially launch.