Latin America-focused digital wallet provider Belo has successfully raised $14 million in a Series A funding round, led by prominent stablecoin issuer Tether. The funding round also saw participation from notable investors including Titan Fund, The Venture City, Mindset Ventures, and G2.
Belo plans to utilize the funds to further expand its services into key Latin American markets such as Mexico, Chile, Colombia, Peru, Bolivia, and Paraguay, while enhancing its infrastructure across the region. Additionally, the company 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's digital wallet has gained significant traction, with over 3 million users across Latin America. According to CEO Manuel Beaudroit, the company's focus is on scaling its operations, building on three years of profitable operations and a product that has become an integral part of 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 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, aiming to reduce the friction associated with moving money between countries in the region.
By leveraging crypto infrastructure, Belo simplifies the process, eliminating the need for users to rely on multiple services, which often results in added costs and delays. The backing from Tether highlights 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 emphasized Belo's role in a wider shift, where crypto tools are beginning to fill the gaps left by traditional finance, ultimately servicing individuals and businesses more effectively. As part of its expansion plans, Belo is also hiring across various departments, including product, engineering, and operations, to support its growing regional footprint.