Latin American digital wallet provider Belo has successfully raised $14 million in a Series A funding round, led by stablecoin issuer Tether and supported by investors including Titan Fund, The Venture City, Mindset Ventures, and G2. The funds will be utilized to expand Belo's presence in countries such as Mexico, Chile, Colombia, Peru, Bolivia, and Paraguay, while enhancing its infrastructure and deepening its presence in Brazil, particularly targeting freelancers and remote workers.
Founded in 2021 in Buenos Aires, Belo's digital wallet allows users to manage local currencies and digital dollars, having grown to over 3 million users across the region. According to CEO Manuel Beaudroit, the funding round marks a significant step in scaling the company's operations, having achieved three years of profitable operations. Stablecoins have gained popularity in emerging markets as an alternative to traditional banking systems, especially in regions experiencing high inflation or limited access to dollar-denominated accounts.
Belo aims to simplify cross-border transactions by combining payments, foreign exchange, and transfers into a single flow, leveraging crypto infrastructure to reduce costs and delays. With Tether's backing, Belo's approach is part of a broader trend of crypto tools addressing gaps in traditional finance, with the company also expanding its hiring across product, engineering, and operations to support its growing regional presence.