Fintech giant Revolut is set to acquire small Argentinian lender Banco Cetelem from BNP Paribas, according to Bloomberg.
Revolut will gain access to Cetelem’s assets, valued at $6.4 million, along with its banking license. Argentina presents a potentially lucrative market for digital challengers, but Revolut will face competition from local fintechs such as Uala and Mercado Pago, as well as European giants BBVA and Santander.
The deal still requires approval from Argentina’s central bank, as reported by Bloomberg.