Belo, a digital wallet focused on the Latin American market, has successfully raised $14 million in a Series A funding round, with Tether, a prominent stablecoin issuer, taking the lead. The funding round also saw participation from notable investors such as 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 countries, including Mexico, Chile, Colombia, Peru, Bolivia, and Paraguay, while also enhancing its infrastructure and deepening its presence in Brazil. This expansion is particularly aimed at freelancers, remote workers, and individuals who frequently transfer money across borders.
Founded in Buenos Aires in 2021, Belo has experienced rapid growth, reaching over 3 million users across Latin America with its digital wallet that supports both local currencies and digital dollars. 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 pivotal for scaling our operations.' Stablecoins, which are cryptocurrencies pegged to the value of traditional fiat currencies, have seen significant adoption in emerging markets as an alternative to conventional banking systems, especially 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 process, aiming to reduce the friction and costs associated with moving money between countries in the region.
By leveraging crypto infrastructure, Belo simplifies the process of sending or receiving funds, addressing a significant pain point for users who often rely on multiple services, incurring additional costs and delays. The backing from Tether underscores a broader effort to expand stablecoin-based payment systems in markets with strong demand for dollar-linked assets. In an interview with CoinDesk, Beaudroit emphasized Belo's strategy as part of a larger shift where crypto tools are beginning to fill the gaps left by traditional finance, particularly in servicing individuals and businesses. Belo is also expanding its team across product, engineering, and operations to support its growing regional presence.