Revolut has received regulatory approval to acquire Cetelem, a small Argentinian lender, from BNP Paribas. The approval, granted by the central bank, clears the way for Revolut to close the transaction and rename Banco Cetelem as Revolut Bank Argentina. The amount was not disclosed in the sources.
According to the source, the UK-based fintech says its latest outpost will not initially offer public-facing products and services, instead focusing on fulfilling all regulatory and operational requirements under local CEO Agustin Danza. The source reports that 150,000 people are already on a waitlist, and that the firm is building out its operations in the market as it prepares to launch an offering spanning everyday banking, credit, international spending, wealth, rewards and lifestyle benefits within a single app.
The source notes that Argentina represents a potentially lucrative market for a digital challenger, but that Revolut will be taking on local fintech players such as Uala and Mercado Pago as well as European giants BBVA and Santander.