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 raised capital will be utilized to drive expansion into key markets such as Mexico, Chile, Colombia, Peru, Bolivia, and Paraguay, while bolstering the company's infrastructure across the region. Additionally, Belo aims to strengthen its presence in Brazil by targeting freelancers and remote workers who frequently transfer funds across borders.

Founded in Buenos Aires in 2021, 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 has been on the rise in emerging markets, 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. By leveraging crypto infrastructure, the company seeks to simplify a process that often involves multiple services, resulting in added costs and delays.

The backing from Tether underscores a broader push to expand stablecoin-based payment systems in markets with 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 fill the gaps left by traditional finance. He noted that crypto will start to provide services that traditional financial services have not, catering to the needs of individuals and companies.

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