Revolut has received approval from the Central Bank of Argentina to acquire Banco Cetelem Argentina from BNP Paribas Personal Finance, marking the latest step in the FinTech’s international banking expansion.

The approval allows Revolut to complete the transaction for an undisclosed sum and establish a regulated banking entity in Argentina.

Following completion of the acquisition, Banco Cetelem Argentina will be renamed Revolut Bank Argentina S.A.U. The bank will initially focus on meeting regulatory and operational requirements while preparing for a future launch.

Revolut said Argentina is one of its key growth markets in Latin America. More than 150,000 consumers have already joined its waiting list since the company announced plans to enter the country, with the fintech also reporting strong interest from commercial partners.

The company believes it can differentiate itself in Argentina by offering an integrated financial platform that combines everyday banking, credit, international spending, wealth management, rewards and lifestyle services through its app.

Agustin Danza will become chief executive of Revolut Bank Argentina, subject to regulatory approval from the Central Bank of Argentina.

The company has also appointed an experienced local leadership team and board. Juan Marotta, former chief executive of HSBC Argentina and HSBC South America, will serve as chairman.

Over the coming months, Revolut said it plans to expand its local team, strengthen its infrastructure and continue meeting regulatory, capital and operational requirements ahead of launching to customers.

“This is an important milestone in our long-term commitment to Argentina,” said Danza. “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.”

The acquisition forms part of Revolut's wider strategy to expand its licensed banking footprint across Latin America.

The fintech now operates across 40 markets and holds banking licences in the UK, Mexico, Australia and the European Economic Area. Earlier this year it launched Revolut Bank in Mexico, which the company said now serves more than 500,000 retail customers.

Revolut is also progressing regulatory approvals in the United States, where it has received conditional approval for a national bank charter, alongside licensing efforts in the UAE, Peru and South Africa.

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