Latin American digital wallet provider Belo has successfully raised $14 million in a Series A funding round, with Tether, a prominent stablecoin issuer, taking the lead. Additional investors included Titan Fund, The Venture City, Mindset Ventures, and G2. The funds will be utilized to further expand Belo's presence in countries such as Mexico, Chile, Colombia, Peru, Bolivia, and Paraguay, while enhancing its infrastructure and deepening its market penetration in Brazil, particularly among freelancers and remote workers who frequently transfer funds across borders.
Founded in Buenos Aires in 2021, Belo has experienced significant growth, with its user base now exceeding 3 million across Latin America. According to CEO Manuel Beaudroit, 'Having achieved three years of profitable operations and developed a product that is integral to people's daily lives, this funding round is focused on scaling our operations.' Stablecoins have gained popularity in emerging markets as an alternative to traditional banking systems, especially 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 expensive foreign exchange systems. Belo's innovative approach combines payments, foreign exchange, and cross-border transfers into a single, streamlined process, 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 multiple services that often add 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.
In an interview with CoinDesk, Beaudroit emphasized that Belo's strategy is part of a broader shift, where crypto tools are increasingly filling the gaps left by traditional finance. 'Crypto will begin to provide services that traditional financial systems have not, catering to the needs of individuals and businesses,' he stated. As Belo expands its regional footprint, the company is also hiring across various departments, including product, engineering, and operations.