Latin American digital wallet provider Belo has successfully raised $14 million in a Series A funding round, led by Tether, a prominent stablecoin issuer. 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 fuel Belo's expansion into 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 strengthen its presence in Brazil, targeting freelancers, remote workers, and individuals who frequently transfer funds across borders. Founded in Buenos Aires in 2021, Belo has experienced significant growth, with its user base surpassing 3 million 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 popularity 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, 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 and thereby reducing costs and delays.
The backing from Tether underscores the growing demand for stablecoin-based payment systems in markets where dollar-linked assets are in high demand. In an interview with CoinDesk, Beaudroit emphasized Belo's role in a broader shift, where crypto tools are increasingly filling the gaps left by traditional finance. "Crypto will start to provide services that traditional financial systems have failed to offer, catering to the needs of individuals and companies," he stated. As part of its expansion plans, Belo is also hiring across various departments, including product, engineering, and operations, to support its growing regional presence.