Latin American digital wallet provider Belo has secured $14 million in a Series A funding round, led by prominent stablecoin issuer Tether. The funding round also saw participation from notable investors including Titan Fund, The Venture City, Mindset Ventures, and G2. Belo plans to utilize the funds to expand its services into key Latin American markets such as Mexico, Chile, Colombia, Peru, Bolivia, and Paraguay, while enhancing its infrastructure across the region.
Additionally, the company aims to strengthen its presence in Brazil, focusing on freelancers, remote workers, and individuals who frequently transfer money across borders. Founded in Buenos Aires in 2021, Belo's digital wallet has gained popularity, with over 3 million users across Latin America. According to CEO Manuel Beaudroit, 'We have achieved this funding round with three years of profitable operations and a product that is integral to people's daily lives. This round is focused on scaling our operations.' Stablecoins have gained significant traction in emerging markets as a viable 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 innovative approach combines payments, foreign exchange, and cross-border transfers into a single, streamlined process, aiming to reduce the friction associated with moving money between countries in the region. By leveraging crypto infrastructure, Belo simplifies the process, eliminating the need for multiple services that add costs and delays. The company's model has garnered support from Tether, highlighting a broader push to expand stablecoin-based payment systems in markets with strong demand for dollar-linked assets.
In an interview with CoinDesk, Beaudroit emphasized Belo's role in a larger shift, where crypto tools are filling the 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. As Belo expands its regional footprint, the company is also hiring across product, engineering, and operations to support its growth.