Belo, a digital wallet platform focusing on Latin America, has successfully raised $14 million in a Series A funding round, led by Tether, a prominent stablecoin issuer. The funding round also saw participation from notable investors such as Titan Fund, The Venture City, Mindset Ventures, and G2.
The funds raised will be utilized to expand Belo's services into key Latin American markets, including Mexico, Chile, Colombia, Peru, Bolivia, and Paraguay, while bolstering its infrastructure across the region. Additionally, the company aims to strengthen its presence in Brazil, targeting freelancers, remote workers, and individuals who frequently transfer money across borders. Established in Buenos Aires in 2021, Belo has developed a digital wallet that enables users to hold and transfer local currencies alongside digital dollars, amassing over 3 million users across Latin America. According to CEO Manuel Beaudroit, "Having achieved three years of profitable operations and created a product that is integral to people's daily lives, this funding round is focused on scaling our operations." Stablecoins, which are cryptocurrencies pegged to the value of fiat currencies, have gained significant traction in emerging markets as a viable alternative to traditional banking systems, particularly in regions characterized by high inflation, currency volatility, or limited access to dollar-denominated accounts.
In Latin America, stablecoins are often used for storing value, sending remittances, and circumventing costly foreign exchange systems. Belo's platform 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, a process that often remains slow and expensive. Currently, users frequently rely on multiple services to send or receive funds, resulting in added costs and delays. By leveraging crypto infrastructure behind the scenes, Belo's model seeks to simplify this process.
The backing from Tether underscores a broader push to expand stablecoin-based payment systems in markets where demand for dollar-linked assets remains strong. In an interview with CoinDesk, Beaudroit positioned Belo's approach as part of a larger shift, where crypto tools are beginning to fill the gaps left by traditional finance. "Crypto will start to do what traditional financial services haven't done, which is servicing people and their companies," he stated. As Belo expands its regional footprint, the company is also hiring across product, engineering, and operations to support its growth.