Belo, a prominent digital wallet platform in Latin America, has successfully raised $14 million in a Series A funding round, with Tether, a leading stablecoin issuer, at the helm. The funding round also saw participation from notable investors including Titan Fund, The Venture City, Mindset Ventures, and G2. The newly acquired funds will be utilized to further expand Belo's presence in key Latin American markets such as Mexico, Chile, Colombia, Peru, Bolivia, and Paraguay, while bolstering its infrastructure across the region. Additionally, the company aims to deepen its footprint in Brazil, targeting freelancers and remote workers who frequently engage in cross-border transactions.
Founded in 2021 in Buenos Aires, Belo has experienced rapid growth, amassing over 3 million users across Latin America. According to CEO Manuel Beaudroit, "Having achieved three years of profitable operations and developed a product that is integral to people's daily lives, this funding 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 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 flow, thereby reducing friction in a region where transferring money between countries remains a slow and expensive process.
By leveraging crypto infrastructure, Belo aims to simplify the process of sending and receiving funds, a feat that often requires multiple services, resulting in added costs and delays. The backing of Tether underscores a broader effort to expand stablecoin-based payment systems in markets where demand for dollar-linked assets remains strong. Beaudroit views Belo's strategy 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 servicing people and their companies," he stated in an interview with CoinDesk.
As Belo continues to expand its regional footprint, the company is also hiring across various departments, including product, engineering, and operations.