Latin American digital wallet provider Belo has successfully raised $14 million in a Series A funding round, led by Tether, a prominent stablecoin issuer. The funding round also saw participation from notable investors including Titan Fund, The Venture City, Mindset Ventures, and G2. The company intends to utilize the funds to further its expansion into key Latin American markets such as Mexico, Chile, Colombia, Peru, Bolivia, and Paraguay, while also enhancing its infrastructure and deepening its presence in Brazil.
Specifically, Belo is targeting freelancers and remote workers who frequently transfer money across borders. Founded in Buenos Aires in 2021, Belo's digital wallet enables users to hold and transfer both local currencies and digital dollars, having grown to serve over 3 million users across Latin America. According to CEO Manuel Beaudroit, 'We've achieved this funding round following three years of profitable operations and the development of a product that is integrated into people's daily lives.
This round is focused on scaling our operations.' Stablecoins, which are cryptocurrencies pegged to the value of traditional currencies, have seen significant adoption in emerging markets as an alternative to conventional banking systems, particularly in regions experiencing high inflation, currency volatility, or limited access to dollar-denominated accounts. In Latin America, stablecoins are often 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, a process that remains slow and expensive. Typically, users rely on multiple services to send or receive funds, incurring additional costs and delays.
By leveraging crypto infrastructure behind the scenes, Belo's model seeks to simplify this process. The backing from Tether underscores a broader effort to expand stablecoin-based payment systems in markets where there is a strong demand for dollar-linked assets. In an interview with CoinDesk, Beaudroit positioned Belo's strategy as part of a larger shift, where crypto tools are beginning to fill the gaps left by traditional finance. 'Crypto will start to do what traditional financial services haven't done, which is serving people and their companies,' he stated.
As Belo expands its regional footprint, the company is also hiring across various roles in product, engineering, and operations.