Latin America-focused digital wallet Belo 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 including Titan Fund, The Venture City, Mindset Ventures, and G2. Belo plans to utilize the funds to broaden its reach into key Latin American markets such as Mexico, Chile, Colombia, Peru, Bolivia, and Paraguay, while also reinforcing its presence in Brazil by targeting freelancers and remote workers who frequently transfer money across borders.
Founded in Buenos Aires in 2021, Belo has experienced significant growth, with its user base now exceeding 3 million across the region. According to CEO Manuel Beaudroit, the company has achieved this milestone with three years of profitable operations and a product that has become integral to users' daily lives, with this round focused on scaling operations. Stablecoins have gained popularity in emerging markets as a viable alternative to traditional 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, aiming to reduce the friction associated with moving money between countries in the region. The company leverages crypto infrastructure to facilitate this process, with Tether's involvement underscoring a broader push to expand stablecoin-based payment systems in markets with strong demand for dollar-linked assets.
In an interview, Beaudroit highlighted Belo's role in a larger shift where crypto tools are beginning to fill the gaps left by traditional finance, particularly in servicing individuals and businesses. As Belo expands its regional footprint, the company is also increasing its hiring efforts across product, engineering, and operations.