Latin American digital wallet provider Belo has successfully raised $14 million in its Series A funding round, led by renowned stablecoin issuer Tether, with participation from notable investors including Titan Fund, The Venture City, Mindset Ventures, and G2. The fresh capital will be utilized to further expand Belo's presence into key Latin American markets such as Mexico, Chile, Colombia, Peru, Bolivia, and Paraguay, while also augmenting its existing infrastructure and deepening its market penetration in Brazil. The company is specifically targeting freelancers and remote workers who frequently transfer funds across borders.
Founded in Buenos Aires in 2021, Belo has experienced significant growth, now boasting over 3 million users across the region. According to CEO Manuel Beaudroit, the funding round is a strategic move to scale operations, building on the company's three years of profitable operations and its widely adopted product. Stablecoins have gained popularity in emerging markets as a viable alternative to traditional banking systems, particularly in regions plagued by high inflation, currency fluctuations, or limited access to dollar-denominated accounts.
In Latin America, stablecoins are commonly used for storing value, sending remittances, and circumventing costly foreign exchange systems. Belo's innovative approach combines payments, foreign exchange, and cross-border transfers into a single, streamlined process, leveraging crypto infrastructure to reduce the friction associated with moving money between countries.
This strategic move is part of a broader trend where crypto tools are beginning to fill the gaps left by traditional financial services, according to Beaudroit. As Belo expands its regional footprint, the company is also hiring across multiple departments, including product, engineering, and operations.