Belo, a digital wallet focused on Latin America, has secured $14 million in funding led by Tether, a prominent stablecoin issuer. The investment round also included contributions from 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 enhancing the company's infrastructure across the region.
Additionally, Belo aims to strengthen its presence in Brazil by targeting freelancers and remote workers who frequently transfer money 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, 'This investment round is focused on scaling, following three years of profitable operations and the development of a product that is integral to people's daily lives.' Stablecoins have gained popularity in emerging markets as an alternative to traditional banking systems, particularly in regions plagued by high inflation and 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 platform combines payments, foreign exchange, and cross-border transfers, leveraging crypto infrastructure to streamline the process and reduce friction. The company's approach is part of a broader shift, where crypto tools are filling gaps left by traditional finance.
As Beaudroit noted, 'Crypto will start to service individuals and companies in areas where traditional financial services have fallen short.' Belo is also expanding its team across product, engineering, and operations to support its growing regional presence.