Revolut, Europe’s most valuable private technology company, is entering the Argentine market through the acquisition of local lender Banco Cetelem from French banking group BNP Paribas.
Financial details have not been disclosed. Revolut adds that completion of the acquisition “is conditional on Revolut receiving standard regulatory approvals (including that of the Central Bank of Argentina)”.
The acquisition will see Revolut secure Banco Cetelem’s banking licence for the country. The company will provide financial services adapted for the local market, including budgeting tools, savings and investment products, peer-to-peer transfers, multi-currency accounts, foreign exchange services, and credit options.
With over 60 million customers worldwide, the deal continues Revolut’s Latin American expansion strategy, building on its established presence in Brazil, recent banking licence approval in Mexico, and its plans to enter the Colombian market.
In preparation for its Argentine expansion, Revolut appointed Agustin Danza as CEO for the country earlier this year. Danza previously served as head of Nowports Capital and head of banking and payments at Mercado Libre.
Founded in 2015, Revolut has simultaneously seen strong European expansion, recently committing €1 billion to strengthen its presence in France and naming Béatrice Cossa-Dumurgier as CEO for Western Europe.
Source: https://www.fintechfutures.com/
