Latin American digital wallet Belo, leveraging crypto for payments, has secured $14 million in Series A funding led by Tether, a prominent stablecoin issuer. The funding round also saw participation from investors including Titan Fund, The Venture City, Mindset Ventures, and G2. The funds will be utilized to expand Belo's presence into countries such as Mexico, Chile, Colombia, Peru, Bolivia, and Paraguay, while bolstering its infrastructure across the region.

Additionally, the company aims to deepen its market penetration in Brazil, focusing on freelancers and remote workers 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, amassing over 3 million users across Latin America. According to CEO Manuel Beaudroit, "Having achieved three years of profitable operations with a product integral to users' daily lives, this funding round is centered on scaling our operations." Stablecoins, which are cryptocurrencies pegged to the value of traditional currencies, have seen increased adoption in emerging markets as an alternative to conventional 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 process, aiming to reduce the friction inherent in moving money between countries in the region, a process that remains slow and expensive. By utilizing crypto infrastructure, Belo simplifies the process, and Tether's involvement underscores a broader effort to expand stablecoin-based payment systems in markets where there is a strong demand for dollar-linked assets. 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 is poised to service individuals and businesses in ways traditional financial services have not," he noted in an interview with CoinDesk.

As Belo expands its regional footprint, the company is also hiring across various departments, including product, engineering, and operations.