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. Belo plans to utilize these funds to expand its operations into several Latin American countries, including Mexico, Chile, Colombia, Peru, Bolivia, and Paraguay, while also enhancing its infrastructure across the region.
The company is also focused on strengthening its presence in Brazil, particularly among freelancers and remote workers who frequently transfer money across borders. Founded in Buenos Aires in 2021, Belo's digital wallet has gained popularity, with over 3 million users across Latin America.
According to CEO Manuel Beaudroit, the company's goal is to scale its operations, having already achieved three years of profitable operations. Stablecoins have gained significant traction in emerging markets as an alternative to traditional banking systems, especially in regions experiencing high inflation or limited access to dollar-denominated accounts. In Latin America, stablecoins are often used for storing value, sending remittances, and bypassing costly foreign exchange systems.
Belo's innovative approach combines payments, foreign exchange, and cross-border transfers into a single, streamlined process, aiming to reduce friction in a region where moving money between countries can be slow and expensive. The company's use of crypto infrastructure behind the scenes enables it to simplify this process. Tether's investment in Belo highlights the growing demand for stablecoin-based payment systems in markets where dollar-linked assets are in high demand. Beaudroit views Belo's approach as part of a broader shift, where crypto tools are filling gaps left by traditional finance.
He believes that crypto will play a crucial role in servicing individuals and companies, particularly in regions where traditional financial services are limited. As Belo expands its regional footprint, the company is also hiring across various departments, including product, engineering, and operations.