Latin America-focused digital wallet Belo has successfully raised $14 million in a Series A funding round, led by prominent stablecoin issuer Tether, and joined by notable investors Titan Fund, The Venture City, Mindset Ventures, and G2. The funds will be utilized to drive expansion into key Latin American markets, including Mexico, Chile, Colombia, Peru, Bolivia, and Paraguay, while augmenting the company's infrastructure and deepening its presence in Brazil, particularly among freelancers and remote workers who frequently transfer funds across borders. Founded in Buenos Aires in 2021, Belo's digital wallet has garnered over 3 million users across the region, facilitating the holding and transfer of both local currencies and digital dollars. According to CEO Manuel Beaudroit, "Having achieved three years of profitable operations and developed a product integral to people's daily lives, this funding round is focused on scaling our operations." Stablecoins have gained significant traction in emerging markets as a viable alternative to traditional banking systems, especially in regions plagued by high inflation, currency volatility, or limited access to dollar-denominated accounts.

In Latin America, they are commonly used for storing value, sending remittances, and circumventing costly foreign exchange systems. Belo's innovative approach combines payments, foreign exchange, and cross-border transfers into a single, streamlined flow, aimed at reducing the friction associated with moving money between countries in the region.

By leveraging crypto infrastructure, Belo simplifies the process, and Tether's involvement underscores a broader push to expand stablecoin-based payment systems in markets with strong demand for dollar-linked assets. Beaudroit views Belo's strategy as part of a larger shift, where crypto tools are beginning to fill the gaps left by traditional finance, particularly in servicing individuals and companies. He noted, "Crypto will start to do what traditional financial services haven't done, which is to service people and their companies." As part of its expansion, Belo is also hiring across various departments, including product, engineering, and operations, to bolster its regional footprint.