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 such as Titan Fund, The Venture City, Mindset Ventures, and G2. The newly acquired funds will be utilized to drive expansion into key Latin American markets, including Mexico, Chile, Colombia, Peru, Bolivia, and Paraguay, while bolstering the company's infrastructure across the region. Additionally, Belo aims to strengthen its presence in Brazil, targeting freelancers and remote workers who frequently transfer funds across borders.
Founded in Buenos Aires in 2021, Belo's digital wallet has garnered a user base of over 3 million, allowing users to hold and transfer both local currencies and digital dollars. According to CEO Manuel Beaudroit, the funding round marks a significant milestone, building upon three years of profitable operations and a product that has become an integral part of users' daily lives.
Beaudroit emphasized that the primary focus of this funding round is to scale the company's operations. The growing adoption of stablecoins in emerging markets, particularly in regions plagued by high inflation, currency volatility, or limited access to dollar-denominated accounts, has created a fertile ground for Belo's services. By leveraging crypto infrastructure, Belo streamlines payments, foreign exchange, and cross-border transfers, effectively reducing friction in a region where moving money between countries remains a cumbersome and expensive process.
The company's approach has garnered support from Tether, underscoring the potential for stablecoin-based payment systems to expand in markets with strong demand for dollar-linked assets. In an interview with CoinDesk, Beaudroit highlighted the shifting landscape of traditional finance, where crypto tools are increasingly filling the gaps left by conventional financial services. As Belo expands its regional footprint, the company is also hiring across various departments, including product, engineering, and operations.