Latin American digital wallet provider Belo has successfully raised $14 million in a Series A funding round, led by prominent stablecoin issuer Tether and accompanied by investments from Titan Fund, The Venture City, Mindset Ventures, and G2. The funds will be utilized to drive expansion into key markets including Mexico, Chile, Colombia, Peru, Bolivia, and Paraguay, while enhancing the company's infrastructure and strengthening its presence in Brazil, particularly among freelancers and remote workers. Founded in 2021 in Buenos Aires, Belo has established a user base of over 3 million across Latin America, offering a unique digital wallet that supports both local currencies and digital dollars. According to CEO Manuel Beaudroit, this funding round marks a significant milestone, building upon three years of profitable operations and a widely adopted product.
Stablecoins have gained significant traction 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 model 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 company's approach is part of a broader shift towards crypto-based financial solutions, aiming to fill gaps left by traditional finance.
With Tether's backing, Belo is poised to further expand stablecoin-based payment systems in markets with strong demand for dollar-linked assets. As the company expands its regional footprint, it is also hiring across key departments including product, engineering, and operations.