United Kingdom will enter the Argentine market after agreeing to buy CETELEM Argentina from BNP Paribas Personal Finance. This will be the fourth Latin American state where the revolution will have existence.
The deal is subject to the organizational license, including the Central Bank of Argentina. Revolution will be able to use the CETELEM Argentina Banking license and work as a bank. The financial conditions of the acquisition have not been revealed.
“Argentina is an important landmark in our mission to build the first very global financial application in the world,” says Nick Storonski, co -founder and CEO of Revolution. “We see tremendous potential to transfer how people in Argentina have their money by providing transparent, flexible and designed digital banking around their needs.”
Services will include multi -currency accounts with the acceptance of the US dollar as a tool for arbitration against volatility in the bizo. In addition to fees -free transportation, currency, credit, savings and investment services are available.
Agustín Danza was appointed earlier this year as the CEO of the Argentine in Revolution, where he previously worked as President of the President of the NewPorts Capital and the head of banking and payments at Mercada Libre.
A revolution for the first time appeared in Brazil with a multi -currency account that provides the possibilities of transfers, as well as cryptocurrency investments. In April 2024, they received a banking license from the National Banking and National Securities Committee in Mexico, allowing them to operate a subsidiary of Neobank. In October 2024, Revolution announced plans to apply for a banking license in Colombia through Superintencia Financiera de colombia.
CETEEM is one of the youngest banks in the 73 -year -old Argentine system. The total assets of $ 6.4 million. It has been reported that the deal includes both banking licenses and assets. Other interested parties include South Cross Group, led by businessman Norberto Maurita, and the standards of the brokerage company.
Since banks in Argentina are now able to provide real estate loans, Revolution will face a great competition from traditional institutions as well as the likes of Mercado Libre and Ualá.
“Thanks to a prosperous scene of the ambitious economic and economic momentum, we are confident that the sabotage revolution of financing will flourish,” says Danza.
