Belo, a digital wallet focused on the Latin American market, utilizing cryptocurrency for payment processing, has secured $14 million in funding through a Series A round, led by Tether, a prominent stablecoin issuer. Other participants in the round included Titan Fund, The Venture City, Mindset Ventures, and G2. The funds will be used to expand into key markets such as Mexico, Chile, Colombia, Peru, Bolivia, and Paraguay, while enhancing the company's infrastructure across the region.
Additionally, Belo aims to strengthen its presence in Brazil, targeting freelancers and remote workers who frequently transfer money across borders. Founded in Buenos Aires in 2021, Belo's digital wallet allows users to hold and transfer both local currencies and digital dollars, amassing over 3 million users across Latin America.
According to CEO Manuel Beaudroit, 'Having achieved three years of profitable operations and developed a product integral to users' daily lives, this funding round is focused on scaling our operations.' Stablecoins, which are cryptocurrencies pegged to the value of fiat currencies, have gained popularity in emerging markets as an 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 platform integrates payments, foreign exchange, and cross-border transfers into a single, streamlined process, aiming to reduce the friction associated with moving money between countries in the region, which remains a slow and expensive process. By leveraging crypto infrastructure, Belo's model simplifies this process for users who often rely on multiple services, incurring additional costs and delays.
Tether's involvement in the funding round underscores the growing push to expand stablecoin-based payment systems in markets with strong demand for dollar-linked assets. In an interview with CoinDesk, Beaudroit positioned Belo's approach as part of a broader shift, where crypto tools are beginning to fill the gaps left by traditional finance. 'Crypto will start to do what traditional financial services haven't done, which is servicing people and their companies,' he stated.
As Belo expands its regional footprint, the company is also hiring across product, engineering, and operations.