Belo, a digital wallet platform 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 saw participation from notable investors such as Titan Fund, The Venture City, Mindset Ventures, and G2.

The company aims to utilize these funds to expand its presence into key Latin American markets including Mexico, Chile, Colombia, Peru, Bolivia, and Paraguay, while also scaling its infrastructure and deepening its presence in Brazil. This expansion targets freelancers, remote workers, and individuals who frequently transfer money across borders. Founded in Buenos Aires in 2021, Belo's digital wallet allows users to hold and transfer both local currencies and digital dollars, with the platform having grown to over 3 million users across Latin America. According to CEO Manuel Beaudroit, 'We've reached this funding round with three years of profitable operations and a product that is integral to people's daily lives.

This round is about scaling our operations.' Stablecoins, which are cryptocurrencies pegged to the value of fiat currencies, have seen significant adoption in emerging markets as an alternative to traditional banking systems, particularly in regions plagued by high inflation, currency volatility, or 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 model combines payments, foreign exchange, and cross-border transfers into a single, streamlined flow, aiming to reduce the friction associated with moving money between countries in the region.

The company's approach utilizes crypto infrastructure to facilitate this process. The backing from Tether underscores a broader push to expand stablecoin-based payment systems in markets where there is a strong demand for dollar-linked assets. Beaudroit views Belo's approach as part of a larger shift, where crypto tools are beginning to fill the gaps left by traditional finance. 'Crypto will start to do what traditional financial services haven't done, which is serving people and their companies,' he noted in an interview.

As part of its expansion, Belo is also hiring across various roles in product, engineering, and operations.