Latin American digital wallet provider Belo has successfully raised $14 million in a Series A funding round, led by prominent stablecoin issuer Tether, with additional 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 enhancing the company's infrastructure and deepening its presence in Brazil, particularly among freelancers and remote workers.
Founded in Buenos Aires in 2021, Belo has experienced significant growth, surpassing 3 million users across the region. According to CEO Manuel Beaudroit, the company's focus is now on scaling, having achieved three years of profitable operations and developed a product that is integral to users' daily lives.
The adoption of stablecoins, which are cryptocurrencies pegged to the value of traditional fiat currencies, has been on the rise in emerging markets as a viable alternative to conventional banking systems, especially in areas plagued by high inflation, currency volatility, or limited access to dollar-denominated accounts. In Latin America, stablecoins 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, aiming to reduce the friction associated with moving money between countries in the region, a process that often remains slow and expensive. By leveraging crypto infrastructure, Belo simplifies this process for its users.
The backing from Tether underscores a broader effort to expand stablecoin-based payment systems in markets with strong demand for dollar-linked assets. In an interview with CoinDesk, Beaudroit highlighted Belo's role in a broader shift, where crypto tools are beginning to fill the gaps left by traditional finance, particularly in servicing individuals and companies. As the company expands its regional footprint, it is also hiring across various departments, including product, engineering, and operations.