Belo, a digital wallet platform focused on Latin America, has secured $14 million in a Series A funding round, led by Tether, a prominent stablecoin issuer. The round also saw participation from investors such as Titan Fund, The Venture City, Mindset Ventures, and G2. The funds raised will be utilized to expand Belo's presence into key markets including Mexico, Chile, Colombia, Peru, Bolivia, and Paraguay, while bolstering its infrastructure across the region. Additionally, the company aims to deepen its footprint in Brazil, targeting freelancers and remote workers who frequently transfer funds across borders.

Founded in Buenos Aires in 2021, Belo has experienced significant growth, amassing over 3 million users across Latin America. According to CEO Manuel Beaudroit, 'Having achieved three years of profitable operations and developed a product that is integral to users' 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 seamless flow, aiming to reduce the friction associated with moving money between countries in the region.

The company's model leverages crypto infrastructure to streamline this process, and Tether's backing underscores the growing demand for stablecoin-based payment systems. Beaudroit views Belo's strategy as part of a broader shift, where crypto tools are beginning to address the gaps left by traditional financial services. 'Crypto will start to do what traditional financial services haven't done, which is to service people and their companies,' he stated in an interview. As Belo expands its regional presence, the company is also hiring across various departments, including product, engineering, and operations.