Latin American digital wallet provider Belo has successfully raised $14 million in a Series A funding round, with Tether, a prominent stablecoin issuer, taking the lead. The round also saw participation from notable investors including Titan Fund, The Venture City, Mindset Ventures, and G2. The funds will be utilized to drive expansion into key markets such as Mexico, Chile, Colombia, Peru, Bolivia, and Paraguay, while bolstering the company's infrastructure across the region. Additionally, Belo aims to strengthen its presence in Brazil, targeting freelancers and remote workers who frequently transfer money across borders.
Founded in 2021 in Buenos Aires, Belo's digital wallet has gained significant traction, with over 3 million users across Latin America. According to CEO Manuel Beaudroit, the company has achieved three years of profitable operations, with this funding round focused on scaling the business. The adoption of stablecoins has been on the rise in emerging markets, including Latin America, as they offer an alternative to traditional banking systems, particularly in regions plagued by high inflation, currency volatility, or limited access to dollar-denominated accounts. Belo's innovative approach combines payments, foreign exchange, and cross-border transfers into a single, streamlined flow, aiming to reduce the friction associated with moving money between countries in the region.
By leveraging crypto infrastructure, Belo simplifies the process, and Tether's involvement underscores the growing push to expand stablecoin-based payment systems in markets with strong demand for dollar-linked assets. In an interview with CoinDesk, Beaudroit emphasized that crypto tools are increasingly filling the gaps left by traditional finance, with Belo's approach being part of this broader shift. As the company expands its regional footprint, it is also hiring across various departments, including product, engineering, and operations.