Latin American digital wallet provider Belo has successfully raised $14 million in a Series A funding round, led by stablecoin issuer Tether and backed 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 allows 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. According to CEO Manuel Beaudroit, the funding round marks a significant milestone, building on three years of profitable operations and a product that has become an integral part of users' daily lives.
The company's focus on scaling is poised to further capitalize on the growing demand for stablecoins in emerging markets, where they serve as an alternative to traditional banking systems, particularly in regions plagued by high inflation, currency volatility, or limited access to dollar-denominated accounts. By combining payments, foreign exchange, and cross-border transfers into a single, streamlined flow, Belo aims to reduce the friction and costs associated with moving money between countries in Latin America. The company's use of crypto infrastructure to facilitate this process has garnered the support of Tether, underscoring the potential for stablecoin-based payment systems to expand in markets with strong demand for dollar-linked assets. In an interview, Beaudroit emphasized Belo's role in a broader shift, where crypto tools are beginning to address gaps in traditional finance, particularly in servicing individuals and businesses.
As the company expands its regional footprint, it is also hiring across product, engineering, and operations to support its growth.