Latin American digital wallet provider Belo has successfully raised $14 million in a Series A funding round, led by stablecoin issuer Tether and supported by investors including Titan Fund, The Venture City, Mindset Ventures, and G2. The funds will be utilized to drive expansion into key markets such as Mexico, Chile, Colombia, Peru, Bolivia, and Paraguay, while enhancing the company's infrastructure and deepening its presence in Brazil.
Belo's digital wallet, which enables users to hold and transfer both local currencies and digital dollars, has garnered over 3 million users since its inception in Buenos Aires in 2021. CEO Manuel Beaudroit emphasized that the funding round marks a significant milestone for the company, which has achieved three years of profitable operations.
The investment will be used to scale the business, with a focus on targeting freelancers, remote workers, and individuals who frequently transfer money across borders. Stablecoins have gained popularity in emerging markets as an alternative to traditional banking systems, particularly in regions experiencing high inflation, currency volatility, or limited access to dollar-denominated accounts.
Belo's innovative approach combines payments, foreign exchange, and cross-border transfers into a single, streamlined process, leveraging crypto infrastructure to reduce friction and costs associated with traditional money transfer services. The company's model has the potential to fill gaps in traditional finance, and with Tether's backing, Belo is poised to further expand stablecoin-based payment systems in Latin America. As part of its expansion plans, Belo is also hiring across product, engineering, and operations to support its growing regional footprint.