Latin America-focused digital wallet provider Belo has successfully raised $14 million in a Series A funding round, led by prominent stablecoin issuer Tether, with participation from notable investors including Titan Fund, The Venture City, Mindset Ventures, and G2. The funds will be utilized to expand Belo's presence in key Latin American countries such as Mexico, Chile, Colombia, Peru, Bolivia, and Paraguay, while bolstering its infrastructure and deepening its market penetration in Brazil, particularly among freelancers and remote workers who frequently transfer funds across borders. Founded in Buenos Aires in 2021, Belo has experienced significant growth, surpassing 3 million users across the region.
According to CEO Manuel Beaudroit, the company's profitable operations and widely adopted product have paved the way for this funding round, which is focused on scaling the business. Stablecoins have gained popularity in emerging markets as a viable alternative to traditional banking systems, especially in regions plagued by 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, seamless flow, aiming to reduce the friction and costs associated with moving money between countries in the region. By leveraging crypto infrastructure, Belo streamlines the process, and Tether's involvement underscores the growing demand for stablecoin-based payment systems in markets where dollar-linked assets are in high demand.
Beaudroit views Belo's strategy as part of a broader shift, where crypto tools are increasingly filling the gaps left by traditional financial services, particularly in servicing individuals and businesses. As the company expands its regional footprint, it is also hiring across various functions, including product, engineering, and operations.