Latin American digital wallet provider Belo has successfully raised $14 million in a 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 utilized to drive expansion into key Latin American markets, including Mexico, Chile, Colombia, Peru, Bolivia, and Paraguay, while enhancing the company's infrastructure and deepening its presence in Brazil, particularly among freelancers and remote workers.
Founded in 2021 in Buenos Aires, Belo's digital wallet enables users to hold and transfer both local currencies and digital dollars, with the platform having grown to over 3 million users across the region. According to CEO Manuel Beaudroit, this funding round marks a significant milestone, following three years of profitable operations, and will primarily focus on scaling the business. Stablecoins have gained popularity in emerging markets as an alternative to traditional banking systems, especially in regions experiencing high inflation or limited access to dollar-denominated accounts. Belo's innovative approach combines payments, foreign exchange, and cross-border transfers into a single, streamlined flow, leveraging crypto infrastructure to reduce friction and costs associated with moving money between countries.
The company's model has the potential to disrupt traditional finance by filling gaps in services, particularly in regions where demand for dollar-linked assets remains strong. As Belo expands its regional footprint, it is also hiring across various departments, including product, engineering, and operations.