Revolut, the London-based fintech company, has announced plans to acquire an Argentine lender owned by BNP Paribas, marking its latest expansion into Latin America.

The digital bank will purchase Cetelem Argentina from BNP Paribas Personal Finance, though the terms of the deal were not disclosed and remain subject to regulatory approval.

According to Reuters, Revolut has already entered markets in Brazil, Mexico, and Colombia.

The company said it aims to offer products tailored to the needs of Argentine consumers, including multi-currency accounts, commission-free bank transfers, and foreign exchange trading.

Argentina’s long-standing economic volatility, somewhat stabilised in the past year under libertarian President Javier Milei, has led many residents to favour the US dollar as a more secure currency.

The country’s fintech landscape is currently dominated by MercadoLibre’s financial arm, Mercado Pago, which facilitates instant payments, and local fintech Ualá.

Revolut’s entry would bring it into competition with these players, as well as more established banks.

Revolut, which reached a valuation of US$45 billion last year, now reports over 60 million customers globally.

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