Fintech giant Revolut is acquiring Banco Cetelem, a small Argentinian lender, as part of a wider push into Latin America, according to reports.
Europe’s top fintech has been doubling down on M&A in recent years, having acquired hospitality point-of-sale business Nobly in 2021 and Indian foreign exchange company Arvog Forex the year after.
On Thursday, Revolut confirmed plans to acquire Cetelem, a local lender owned by French financial services firm BNP Paribas, for an undisclosed sum, as part of a wider push into Latin America.
One of the smallest banks in Argentina, Cetelem reportedly holds around $6.4m in assets which, along with the company’s banking licence, would be transferred to Revolut upon the acquisition’s completion.
“With a thriving fintech scene and ambitious economic momentum, we are confident that Revolut's disruptive approach to finance will flourish,” says Agustin Danza, Revolut’s CEO in Argentina.
“Our goal is clear, we want to become the undisputed platform of choice for Argentinians managing their money, both locally and globally, and look forward to bringing our innovative products and services to the market.”
Revolut boasts 60m customers globally but continues to pursue global expansion, with at least 10 banking permit applications submitted in territories around the world, Bloomberg reports. Outside of the UK and Latin America, the company has operations in India, Japan and Australia.
CEO Nik Storonsky could eventually receive a multi-billion dollar payday if he manages to more than triple the company’s valuation to $150bn, according to reports.
