Latin American digital wallet provider Belo has successfully raised $14 million in a Series A funding round, led by prominent stablecoin issuer Tether, with participation from notable investors including Titan Fund, The Venture City, Mindset Ventures, and G2. The funds will be utilized to fuel expansion into key Latin American markets such as Mexico, Chile, Colombia, Peru, Bolivia, and Paraguay, while bolstering the company's infrastructure and deepening its presence in Brazil, particularly among freelancers and remote workers.
Founded in Buenos Aires in 2021, Belo has experienced significant growth, amassing over 3 million users across the region. CEO Manuel Beaudroit emphasized that the funding round marks a pivotal moment for the company, driven by three years of profitable operations and a widely adopted product. Belo's innovative approach combines payments, foreign exchange, and cross-border transfers into a seamless flow, leveraging crypto infrastructure to reduce transactional friction in a region where moving money between countries remains cumbersome and costly.
The integration of stablecoins, which are pegged to the value of traditional currencies, has gained considerable traction in emerging markets as a viable alternative to conventional banking systems, especially in areas plagued by high inflation, currency volatility, or limited access to dollar-denominated accounts. Belo's model is poised to capitalize on this trend, with Tether's backing underscoring the growing demand for stablecoin-based payment systems. According to Beaudroit, Belo's strategy is part of a broader shift, where crypto tools are increasingly filling the gaps left by traditional financial services, providing critical support to individuals and businesses. As the company expands its regional footprint, it is also embarking on a hiring spree across product, engineering, and operations to bolster its capabilities.