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 the funds to further expand its services into key Latin American markets, including Mexico, Chile, Colombia, Peru, Bolivia, and Paraguay, while enhancing its infrastructure and deepening its presence in Brazil. The company is specifically targeting freelancers, remote workers, and individuals who frequently transfer money across borders.
Founded in 2021 in Buenos Aires, Belo has experienced significant growth, with its digital wallet now used by over 3 million users across Latin America. According to CEO Manuel Beaudroit, the company's focus is on scaling its operations, having already achieved three years of profitable operations and developed a product that is integral to users' daily lives. Stablecoins have gained popularity in emerging markets as a viable alternative to traditional banking systems, particularly in regions affected by high inflation, currency volatility, or limited access to dollar-denominated accounts.
In Latin America, stablecoins are often 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 process, leveraging crypto infrastructure to reduce friction and costs associated with moving money between countries. The company's model has garnered support from Tether, highlighting the growing demand for stablecoin-based payment systems in markets where dollar-linked assets are in high demand.
In an interview with CoinDesk, Beaudroit emphasized the potential of crypto tools to fill gaps in traditional finance, particularly in servicing individuals and companies. As Belo expands its regional footprint, the company is also hiring across various departments, including product, engineering, and operations.