Belo, a digital wallet focused on Latin America, has secured $14 million in a Series A funding round, led by Tether, a prominent stablecoin issuer. The funding round also included investments from Titan Fund, The Venture City, Mindset Ventures, and G2. The company plans to utilize the funds to expand its presence in Mexico, Chile, Colombia, Peru, Bolivia, and Paraguay, while enhancing its infrastructure across the region.
Additionally, Belo aims to deepen its presence in Brazil, targeting freelancers and remote workers who frequently transfer money across borders. Founded in Buenos Aires in 2021, Belo has experienced significant growth, with its digital wallet now used by over 3 million users across Latin America. According to CEO Manuel Beaudroit, the company has achieved three years of profitable operations and has developed a product that is integral to users' daily lives. Beaudroit stated that this funding round is focused on scaling the business.
Stablecoins have gained popularity in emerging markets as an alternative to traditional banking systems, particularly in regions with high inflation, currency volatility, or limited access to dollar-denominated accounts. In Latin America, stablecoins are often used for storing value, sending remittances, and bypassing costly foreign exchange systems. Belo's payment system combines payments, foreign exchange, and cross-border transfers into a single flow, aiming to reduce friction in a region where transferring money between countries remains slow and expensive.
The company's model leverages crypto infrastructure to streamline the process, and Tether's investment highlights a broader push to expand stablecoin-based payment systems in markets with strong demand for dollar-linked assets. Beaudroit views Belo's approach as part of a larger shift, with crypto tools beginning to fill gaps left by traditional finance. He stated that crypto will start to provide services that traditional financial services have not, including servicing individuals and companies. As Belo expands its regional footprint, the company is also hiring across product, engineering, and operations.