Belo, a digital wallet focused on the Latin American market, has secured $14 million in funding through a Series A round, led by Tether, a prominent stablecoin issuer. Other investors include Titan Fund, The Venture City, Mindset Ventures, and G2. The funds will be utilized to expand the company's presence in Mexico, Chile, Colombia, Peru, Bolivia, and Paraguay, while enhancing its infrastructure across the region.
Additionally, Belo aims to deepen its market penetration in Brazil, targeting freelancers and remote workers who frequently transfer money across borders. Founded in Buenos Aires in 2021, Belo has developed a digital wallet that allows users to hold and transfer local currencies alongside digital dollars, with over 3 million users across Latin America.
According to CEO Manuel Beaudroit, 'We have achieved this round with three years of profitable operations and a product that people use in their daily lives. This round is about scaling.' 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, they are often used for storing value, sending remittances, and bypassing costly foreign exchange systems. Belo's model combines payments, foreign exchange, and cross-border transfers in a single flow, aiming to reduce friction in a region where moving money between countries remains slow and expensive.
The company's approach uses crypto infrastructure to streamline the process, and Tether's backing indicates 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, where crypto tools are filling gaps left by traditional finance.
'Crypto will start to do what traditional financial services haven't done, which is servicing people and their companies,' he stated. Belo is also hiring across product, engineering, and operations as it expands its regional footprint.