Latin American digital wallet provider Belo has successfully raised $14 million in a Series A funding round, led by Tether, a prominent stablecoin issuer. The round also saw participation from notable investors including Titan Fund, The Venture City, Mindset Ventures, and G2. The newly acquired funds will be utilized to drive expansion into key Latin American 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 by targeting freelancers, remote workers, and individuals who frequently transfer money across borders. Founded in Buenos Aires in 2021, Belo has experienced significant growth, amassing 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 its operations.
Stablecoins have gained popularity in emerging markets as a viable alternative to traditional banking systems, particularly in regions 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, reducing friction in a region where moving money between countries remains slow and expensive. By leveraging crypto infrastructure, Belo simplifies the process of sending or receiving funds, eliminating the need for multiple services and associated costs and delays.
The backing from Tether underscores the growing demand for stablecoin-based payment systems in markets where dollar-linked assets are in high demand. Beaudroit views Belo's strategy as part of a broader shift, where crypto tools are filling the gaps left by traditional finance. In an interview with CoinDesk, he emphasized that crypto will play a vital role in servicing individuals and companies, particularly in areas where traditional financial services have fallen short. As Belo expands its regional footprint, the company is also hiring across various departments, including product, engineering, and operations.