Revolut wins Argentina Central Bank approval, plans 2027 launch

Revolut Ltd. won approval from Argentina’s Central Bank to acquire Banco Cetelem Argentina, clearing a key regulatory hurdle for the UK fintech to begin offering banking services in the country.

The approval allows Revolut to move ahead with preparations for a commercial launch in 2027, Revolut Argentina Chief Executive Officer Agustín Danza said in an interview.

“It’s a major milestone on the path to Revolut’s launch in Argentina,” Danza said. “Competing as a bank is when we can deploy the full power of our value proposition and have the greatest possible impact.”

Revolut agreed in 2025 to purchase Banco Cetelem in Argentina from a BNP Paribas SA business as part of its expansion across Latin America, using the acquisition as a path to obtaining a banking license in the country. The approval now enables the company to move forward with completing the transaction in what it called one of its “most promising growth opportunities” in the region.

Following completion of the transaction, Banco Cetelem will be renamed Revolut Bank Argentina SAU, but it won’t initially offer products or services to the public as it works to build out its business. Revolut plans to eventually offer a single-app product combining everyday banking, credit, international spending and wealth services, among other products. 

“During this initial phase, the bank will focus on fulfilling all regulatory and operational requirements, while finalising its value proposition and preparing for a future market launch,” the company said in a press release. 

More than 150,000 consumers have joined Revolut’s Argentine waitlist ahead of the planned launch, according to the company. Revolut has also assembled a local board that includes Juan Marotta, the former head of HSBC Argentina and HSBC South America, as chairman.

The British fintech has been seeking to expand in markets outside of Europe. Latin America stands out as a key growth market for digital banking given its large population, which has traditionally been underserved by conventional lenders.

Argentina is one of several Latin American markets Revolut is trying to crack. The company operates as a bank in Mexico and under a direct-credit license in Brazil, which means it can’t offer a full suite of banking services in the country. Last year, Revolut obtained a full banking license in Colombia.

“If you want to be a global bank, you have to be in Latin America, and Argentina is a key market where you need to be,” Danza said. “Consumers are financially sophisticated and early adopters of technology. It’s a young population that is open to change. It’s a very attractive growth opportunity for Revolut.”

Revolut’s entry is set to add even more competition in one of Latin America’s most developed digital-payments markets. In Argentina, the digital lender will face Mercado Pago, the financial-technology arm of e-commerce giant MercadoLibre Inc, which dominates the local digital-wallet business, as well as banks and fintech companies including Ualá and Naranja X.

“It’s a market that has banks and digital wallets, but we’re convinced our product will really stand out,” Danza said. Revolut plans to launch with a broad suite of services available through its app, rather than adding new services incrementally, he said.

MercadoLibre said last year that it would be seeking a banking license in Argentina for its fintech unit. At an event on September 24, a central-bank director said the license was expected to be granted before the end of the year, according to local media reports.