Belo, a prominent digital wallet platform in Latin America, has successfully raised $14 million in a Series A funding round, with Tether, a leading stablecoin issuer, at the helm. The funding round also saw participation from notable investors including Titan Fund, The Venture City, Mindset Ventures, and G2. The newly acquired funds will be utilized to fuel Belo's expansion into key markets such as Mexico, Chile, Colombia, Peru, Bolivia, and Paraguay, while bolstering its infrastructure across the region. Additionally, the company plans to deepen its presence in Brazil, with a focus on catering to the financial needs of freelancers, remote workers, and individuals who frequently transfer money across borders.
Founded in 2021 in Buenos Aires, Belo has experienced rapid growth, with its user base now exceeding 3 million across Latin America. 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 primarily focused on scaling our operations." Stablecoins, which are cryptocurrencies pegged to the value of traditional fiat currencies, have garnered significant traction in emerging markets as a viable alternative to conventional 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.
Belo's innovative approach combines payments, foreign exchange, and cross-border transfers into a single, streamlined flow, thereby reducing the friction often associated with moving money between countries in the region. By leveraging crypto infrastructure, Belo aims to simplify the process of sending and receiving funds, which currently relies on multiple services, resulting in added costs and delays.
The company's model has garnered support from Tether, highlighting a broader push to expand stablecoin-based payment systems in markets where demand for dollar-linked assets remains robust. 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.
"Crypto will start to do what traditional financial services haven't done, which is serving people and their companies," he stated. As Belo expands its regional footprint, the company is also hiring across various departments, including product, engineering, and operations.