Fintech giant Revolut arrives in Argentina to compete with Ualá and Mercado Pago

Europe's most valuable fintech on the continent, Revolut, is making progress in its entry into the Argentine financial system.

With a valuation of US$45 billion and more than 60 million global users, the digital bank has just finalized an agreement to acquire a local entity and operate as a bank in the country.

Strategic acquisition: takes over Cetelem

Entry into the Argentine market will take place through the acquisition of Cetelem, a smaller-scale retail bank that until now belonged to the French group BNP Paribas. The transaction has already been agreed upon by the parties, although its execution is subject to approval by the Central Bank of the Argentine Republic (BCRA).

This move marks Revolut's first direct foray into the local financial market, where it aims to replicate its comprehensive digital banking model, focusing on mobile operations, low costs, and personalized financial services.

Strong competition: joins the Argentine fintech landscape

With this operation, Revolut enters Argentina's competitive fintech ecosystem, where major players already operate, such as:

• Mercado Pago, with more than 10 million active users
• Ualá, which recently acquired Wilobank and also became a bank
• Traditional banks such as Santander, Galicia, and BBVA, which are revamping their digital strategy

Revolut's arrival comes at a time of deep transformation in the Argentine financial system, with the rise of digital payments, virtual wallets, and greater financial inclusion via mobile applications.

A digital bank with global ambitions

Founded in the United Kingdom in 2015, Revolut quickly expanded across Europe and several international markets. Its offering includes bank accounts, debit cards, investments, cryptocurrencies, insurance, and savings tools, all operated from an app.

Its strategy in Latin America is beginning to take shape with this move in Argentina, a country it considers key due to its high level of digital banking, demand for modern financial solutions, and a growing fintech culture.