Belo, a digital wallet focused on the Latin American market, utilizing cryptocurrency for payment processing, 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 notable investors including Titan Fund, The Venture City, Mindset Ventures, and G2. The newly acquired funds will be used to further expand Belo's services into key Latin American countries such as Mexico, Chile, Colombia, Peru, Bolivia, and Paraguay, while enhancing its infrastructure across the region. Additionally, the company aims to strengthen its presence in Brazil, targeting freelancers and remote workers who frequently transfer funds across borders.
Founded in Buenos Aires in 2021, 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 focused on scaling our operations.' Stablecoins, which are cryptocurrencies pegged to the value of traditional fiat currencies, have gained popularity 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 process, aiming to reduce the friction associated with moving money between countries, a process that remains slow and expensive in the region. By leveraging crypto infrastructure, Belo simplifies the process, eliminating the need for multiple services that often add costs and delays. The investment by Tether underscores a broader effort to expand stablecoin-based payment systems in markets where there is strong demand for dollar-linked assets. In an interview with CoinDesk, Beaudroit emphasized Belo's role in a larger shift, where crypto tools are beginning to address gaps in traditional finance.
'Crypto will start to do what traditional financial services haven't done, which is to service people and their companies,' he stated. As part of its expansion, Belo is also hiring across various departments, including product, engineering, and operations, to support its growing regional presence.