Kylie Madry
1 min read
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By Kylie Madry
(Reuters) -London-based fintech giant Revolut will acquire a local lender owned by BNP Paribas in Argentina, it said on Thursday, marking the digital bank's latest foray into Latin America.
The terms of the deal to purchase Cetelem Argentina from BNP Paribas Personal Finance, which is subject to regulatory approval, were not disclosed.
Revolut has already made headway in Brazil, Mexico and Colombia.
Revolut said in a statement it plans to offer products tailored to Argentine consumers' needs, such as multi-currency accounts, no-fee bank transfers and foreign-exchange trading.
Argentina's decades of economic swings, which have tempered in the past year under libertarian President Javier Milei, have caused residents to turn to the U.S. dollar as a safe haven currency.
Many also now rely on MercadoLibre's fintech arm, Mercado Pago, for instant transfers rather than waiting on credit card payments to clear. Revolut's entry into Argentina would put it in competition with Mercado Pago, as well as local fintech Uala and larger traditional banks.
Revolut last year reached a $45 billion valuation, rivaling some of Europe's largest lenders. It now claims more than 60 million customers worldwide.
(Reporting by Kylie Madry; Editing by Daniel Wallis)
