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 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 across the region. Additionally, the company plans to deepen its presence in Brazil by targeting freelancers and remote workers who frequently transfer money across borders. Founded in 2021 in Buenos Aires, Belo's digital wallet has gained significant traction, with over 3 million users across Latin America.

According to CEO Manuel Beaudroit, the company's focus is now on scaling, having achieved three years of profitable operations and developed a product that is integral to users' daily lives. The adoption of stablecoins, which are cryptocurrencies pegged to the value of traditional currencies, has been on the rise in emerging markets as a viable 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, leveraging crypto infrastructure to reduce the friction associated with moving money between countries in the region.

The company's model is poised to capitalize on the growing demand for dollar-linked assets in Latin America, with Tether's backing underscoring the push to expand stablecoin-based payment systems. In an interview, Beaudroit emphasized that crypto tools are increasingly filling the gaps left by traditional finance, with Belo at the forefront of this shift.

As the company expands its regional footprint, it is also hiring across product, engineering, and operations to support its growth.