Latin American digital wallet provider Belo has successfully raised $14 million in a Series A funding round, led by prominent stablecoin issuer Tether and participated by Titan Fund, The Venture City, Mindset Ventures, and G2. The funds will be utilized to drive expansion into key Latin American markets, including Mexico, Chile, Colombia, Peru, Bolivia, and Paraguay, while augmenting the company's infrastructure and deepening its presence in Brazil, particularly among freelancers and remote workers.
Founded in 2021 in Buenos Aires, Belo has experienced significant growth, reaching over 3 million users across the region. According to CEO Manuel Beaudroit, the funding round marks a pivotal moment for the company, focused on scaling operations after achieving three years of profitable operations. Stablecoins have gained popularity in emerging markets as a viable alternative to traditional banking systems, especially in regions plagued by high inflation, currency volatility, or limited access to dollar-denominated accounts. Belo's innovative approach combines payments, foreign exchange, and cross-border transfers into a seamless flow, leveraging crypto infrastructure to reduce friction and costs associated with moving money between countries.
The backing from Tether underscores the growing demand for stablecoin-based payment systems in markets with strong demand for dollar-linked assets. Beaudroit views Belo's strategy as part of a broader shift, where crypto tools are increasingly filling the gaps left by traditional finance, particularly in servicing individuals and businesses. As the company expands its regional footprint, it is also hiring across various roles, including product, engineering, and operations.