Latin American digital wallet provider Belo has announced a $14 million Series A funding round, led by stablecoin issuer Tether, with participation from investors such as Titan Fund, The Venture City, Mindset Ventures, and G2. The funds will be used to drive expansion into key markets including Mexico, Chile, Colombia, Peru, Bolivia, and Paraguay, while enhancing the company's infrastructure across the region and strengthening its presence in Brazil. Belo's digital wallet, which has gained over 3 million users since its inception in 2021, allows for the storage and transfer of both local currencies and digital dollars.
CEO Manuel Beaudroit highlighted the company's profitable operations and the widespread adoption of its product, noting that this funding round is focused on scaling the business. The use of stablecoins has gained significant traction in emerging markets as an alternative to traditional banking systems, particularly in regions experiencing high inflation, currency volatility, or limited access to dollar-denominated accounts. Belo's innovative approach combines payments, foreign exchange, and cross-border transfers into a single, streamlined process, reducing the friction and costs associated with traditional methods.
By leveraging crypto infrastructure, Belo aims to capitalize on the growing demand for stablecoin-based payment systems in Latin America, where Tether's backing is expected to play a key role in driving adoption. Beaudroit emphasized that crypto tools are increasingly filling the gaps left by traditional finance, with Belo at the forefront of this shift.
As the company expands its regional footprint, it is also hiring across various departments, including product, engineering, and operations.