Latin American digital wallet provider Belo has secured $14 million in funding through a Series A round, led by Tether, a prominent stablecoin issuer. The funding round also saw participation from investors such as Titan Fund, The Venture City, Mindset Ventures, and G2. Belo plans to utilize these funds to further expand its services into countries including Mexico, Chile, Colombia, Peru, Bolivia, and Paraguay, while enhancing its infrastructure across the region.
Additionally, the company aims to strengthen its presence in Brazil by targeting freelancers, remote workers, and individuals who frequently transfer money across borders. Established in Buenos Aires in 2021, Belo has developed a digital wallet that allows users to hold and transfer local currencies alongside digital dollars, amassing over 3 million users 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 focused on scaling our operations." Stablecoins, which are cryptocurrencies pegged to the value of traditional currencies, have gained popularity 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.
Belo's platform combines payments, foreign exchange, and cross-border transfers into a single, streamlined process, aiming to reduce the friction associated with moving money between countries in the region, which remains a slow and expensive process. Currently, users often rely on multiple services to send or receive funds, resulting in additional costs and delays. By leveraging crypto infrastructure behind the scenes, Belo's model simplifies this process. Tether's involvement in the funding round highlights a broader effort to expand stablecoin-based payment systems in markets where demand for dollar-linked assets remains strong.
In an interview with CoinDesk, Beaudroit positioned Belo's approach as part of a larger shift, where crypto tools are beginning to fill gaps left by traditional finance. "Crypto is starting to do what traditional financial services have not, which is providing services to people and businesses," he stated. As Belo expands its regional footprint, the company is also hiring across various departments, including product, engineering, and operations.