Latin American digital wallet provider Belo has secured $14 million in funding, led by Tether, to broaden its stablecoin payment services. The investment round, which included participation from Titan Fund, The Venture City, Mindset Ventures, and G2, will fuel Belo's expansion into Mexico, Chile, Colombia, Peru, Bolivia, and Paraguay. Established in 2021 in Buenos Aires, Belo has developed a platform allowing users to hold and transfer both local currencies and digital dollars, amassing over 3 million users. According to CEO Manuel Beaudroit, the funding will be used to scale operations, having already achieved three years of profitable operations.
Belo's model combines payments, foreign exchange, and cross-border transfers, leveraging crypto infrastructure to reduce friction and costs associated with traditional banking systems. With stablecoins gaining popularity in emerging markets due to their ability to store value and facilitate remittances, Belo is poised to capitalize on this trend. The company plans to deepen its presence in Brazil and hire across various departments to support its growing regional footprint.