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 notable investors including Titan Fund, The Venture City, Mindset Ventures, and G2. The newly acquired funds will be utilized to further expand Belo's presence in key Latin American markets such as Mexico, Chile, Colombia, Peru, Bolivia, and Paraguay, while bolstering its existing infrastructure. Additionally, the company aims to deepen its market penetration in Brazil, targeting freelancers and remote workers who frequently engage in cross-border transactions.
Founded in Buenos Aires in 2021, Belo has experienced rapid growth, amassing over 3 million users across the region. According to CEO Manuel Beaudroit, 'Having achieved three years of profitable operations and developed a product that is integral to people's daily lives, this funding round is focused on scaling our operations.' Stablecoins have gained significant traction 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. By combining payments, foreign exchange, and cross-border transfers into a single, streamlined process, Belo seeks to reduce the friction associated with moving money between countries in the region.
The company's model leverages crypto infrastructure to facilitate this process, and Tether's involvement underscores the growing push to expand stablecoin-based payment systems in markets with strong demand for dollar-linked assets. Beaudroit views Belo's approach as part of a broader shift, where crypto tools are beginning to fill the gaps left by traditional finance. 'Crypto will start to provide services that traditional financial services have not, catering to the needs of individuals and companies,' he stated in an interview with CoinDesk.
As Belo continues to expand its regional footprint, the company is also hiring across various departments, including product, engineering, and operations.