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 Titan Fund, The Venture City, Mindset Ventures, and G2. The company aims to utilize these funds to further expand its operations into key Latin American markets, including Mexico, Chile, Colombia, Peru, Bolivia, and Paraguay, while enhancing its infrastructure across the region.
Additionally, Belo plans to strengthen its presence in Brazil by targeting freelancers and remote workers who frequently transfer money across borders. Founded in Buenos Aires in 2021, Belo's digital wallet has garnered over 3 million users across Latin America, allowing them to hold and transfer both local currencies and digital dollars. According to CEO Manuel Beaudroit, the company has achieved three years of profitable operations and is now focused on scaling. Stablecoins have gained significant traction in emerging markets as an alternative to traditional banking systems, particularly in regions experiencing high inflation or limited access to dollar-denominated accounts.
In Latin America, stablecoins are commonly used for storing value, sending remittances, and bypassing costly foreign exchange systems. Belo's innovative approach combines payments, foreign exchange, and cross-border transfers into a single, streamlined process, leveraging crypto infrastructure to reduce friction and costs associated with moving money between countries.
The company's model is poised to capitalize on the growing demand for dollar-linked assets in the region. With Tether's backing, Belo is well-positioned to drive the expansion of stablecoin-based payment systems in Latin America.
Beaudroit views Belo's approach as part of a broader shift, where crypto tools are filling gaps left by traditional finance. As the company expands its regional footprint, it is also hiring across product, engineering, and operations to support its growth.