Belo, a digital wallet platform focused on Latin America, 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 including Titan Fund, The Venture City, Mindset Ventures, and G2. The raised capital will be utilized to fuel Belo's expansion into key Latin American markets such as Mexico, Chile, Colombia, Peru, Bolivia, and Paraguay, while bolstering its infrastructure across the region. Additionally, the company aims to strengthen its presence in Brazil, targeting freelancers and remote workers who frequently engage in cross-border transactions.
Established in Buenos Aires in 2021, Belo has experienced significant growth, amassing over 3 million users across Latin America. According to CEO Manuel Beaudroit, the company's progression to this funding round is a testament to its three years of profitable operations and the practical application of its product in daily life. Beaudroit emphasized that this round of funding is primarily focused on scaling the business. Stablecoins, which are cryptocurrencies pegged to the value of traditional fiat currencies, have gained popularity in emerging markets as an alternative to conventional 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 single, streamlined flow, aiming to reduce the friction often associated with moving money between countries in the region. By leveraging crypto infrastructure, Belo's model simplifies the process, reducing the need for multiple services that add costs and delays.
The backing from Tether underscores a broader push to expand stablecoin-based payment systems in markets where the demand for dollar-linked assets remains strong. In an interview with CoinDesk, Beaudroit framed Belo's strategy as part of a larger shift, where crypto tools are beginning to fill the gaps left by traditional finance. He noted that crypto will start to service individuals and companies in ways that traditional financial services have not. As Belo expands its regional footprint, the company is also hiring across product, engineering, and operations to support its growth.