Latin American digital wallet provider Belo has successfully raised $14 million in a Series A funding round, led by prominent stablecoin issuer Tether, with 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 bolstering the company's infrastructure and deepening its presence in Brazil, particularly among freelancers and remote workers who frequently transfer funds across borders. Since its inception in Buenos Aires in 2021, Belo has established a robust user base of over 3 million individuals across Latin America, offering a digital wallet that supports both local currencies and digital dollars.
According to CEO Manuel Beaudroit, the company's primary focus is now on scaling, having achieved three years of profitable operations and developed a product that has become an integral part of users' daily lives. The growing popularity of stablecoins, which are cryptocurrencies pegged to the value of traditional fiat currencies, is particularly evident in emerging markets where they serve as an alternative to conventional 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 costly foreign exchange systems.
By integrating payments, foreign exchange, and cross-border transfers into a single, streamlined flow, Belo aims to reduce the friction associated with moving money between countries, a process that remains slow and expensive in the region. The company's innovative model leverages crypto infrastructure to facilitate this process, and the backing from Tether underscores the increasing demand for stablecoin-based payment systems in markets where dollar-linked assets are in high demand.
In an interview with CoinDesk, Beaudroit emphasized that crypto tools are beginning to fill the gaps left by traditional finance, particularly in servicing individuals and companies. As Belo expands its regional footprint, the company is also hiring across various departments, including product, engineering, and operations.