Latin American digital wallet provider Belo has successfully raised $14 million in a Series A funding round, led by prominent stablecoin issuer Tether, and joined by investors 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 also bolstering its presence in Brazil by targeting freelancers and remote workers who frequently transfer money across borders. Founded in Buenos Aires in 2021, Belo has established a user base of over 3 million, offering a unique digital wallet that supports both local currencies and digital dollars. According to CEO Manuel Beaudroit, the company's focus is now on scaling, having achieved three years of profitable operations with a widely-used product.

The integration of stablecoins, which are cryptocurrencies pegged to the value of traditional currencies, has seen significant growth in emerging markets as a viable alternative to conventional banking systems, particularly in regions plagued by high inflation, currency fluctuations, 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 often associated with moving money between countries in the region. By leveraging crypto infrastructure, the company seeks to minimize the costs and delays typically incurred when using multiple services for sending or receiving funds. The backing from Tether underscores a broader effort to expand stablecoin-based payment systems in markets where there is a strong demand for dollar-linked assets. In an interview with CoinDesk, Beaudroit emphasized Belo's role in a larger shift, where crypto tools are beginning to address gaps in traditional finance, particularly in servicing individuals and companies.

As the company expands its regional footprint, it is also hiring across various departments, including product, engineering, and operations.