Belo, a leading digital wallet provider in Latin America, has successfully raised $14 million in a Series A funding round, with Tether, a prominent stablecoin issuer, at the helm. The funding round also saw participation from notable investors including Titan Fund, The Venture City, Mindset Ventures, and G2.
The newly acquired funds will be utilized to further expand Belo's services into key Latin American markets such as Mexico, Chile, Colombia, Peru, Bolivia, and Paraguay, while bolstering its infrastructure to meet growing demands. Additionally, the company aims to deepen its presence in Brazil, targeting freelancers and remote workers who frequently transfer funds across borders. Founded in 2021 in Buenos Aires, Belo has experienced rapid growth, with its user base exceeding 3 million across Latin America.
According to CEO Manuel Beaudroit, 'Having achieved three years of profitable operations and developed a product that is integral to people's daily lives, this funding round is focused on scaling our operations.' Stablecoins have gained significant traction 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, leveraging crypto infrastructure to reduce transaction friction in a region where moving money between countries remains slow and expensive.
The company's model streamlines the process, eliminating the need for multiple services that add costs and delays. Tether's involvement highlights a broader push to expand stablecoin-based payment systems in markets with strong demand for dollar-linked assets. Beaudroit views Belo's strategy as part of a larger shift, where crypto tools are bridging gaps left by traditional finance.
'Crypto will start to fill the gaps left by traditional financial services, providing services to people and companies,' he noted. As Belo expands its regional footprint, the company is also hiring across product, engineering, and operations to support its growth.