Latin America-focused digital wallet provider 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 such as Titan Fund, The Venture City, Mindset Ventures, and G2.
The raised funds will be utilized to further expand Belo's presence into key Latin American markets, including Mexico, Chile, Colombia, Peru, Bolivia, and Paraguay. Additionally, the company aims to bolster its infrastructure across the region and deepen its existing presence in Brazil, with a focus on catering to freelancers, remote workers, and individuals who frequently transfer money across borders. Since its inception in Buenos Aires in 2021, Belo has experienced significant growth, with its user base now exceeding 3 million across Latin America. The company's digital wallet allows users to seamlessly hold and transfer both local currencies and digital dollars, making it an attractive solution for individuals in the region.
According to CEO Manuel Beaudroit, "We have achieved this funding round after three years of profitable operations and creating a product that has become an integral part of people's daily lives. This funding round is primarily focused on scaling our operations." The increasing adoption of stablecoins, which are cryptocurrencies pegged to the value of traditional fiat currencies, has been notable in emerging markets.
This trend is particularly pronounced in regions experiencing high inflation, currency volatility, or limited access to dollar-denominated accounts, where stablecoins serve as an alternative to traditional banking systems. 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. This aims to reduce the friction associated with moving money between countries in the region, a process that often remains slow and expensive.
By leveraging crypto infrastructure, Belo simplifies the process, eliminating the need for users to rely on multiple services, which can add costs and delays. The involvement of Tether in this funding round underscores the growing push to expand stablecoin-based payment systems in markets where there is a strong demand for dollar-linked assets.
In an interview with CoinDesk, Beaudroit highlighted Belo's approach as part of a broader shift, where crypto tools are beginning to address gaps in traditional finance. "Crypto is poised to fill the gaps left by traditional financial services by catering to the needs of individuals and companies," he stated. As Belo continues to expand its regional footprint, the company is also hiring across various roles, including product, engineering, and operations, to support its growth.