Latin American digital wallet provider Belo has successfully raised $14 million in a Series A funding round, with Tether, a prominent stablecoin issuer, taking the lead. Additional investors include Titan Fund, The Venture City, Mindset Ventures, and G2. The funds will be utilized to propel expansion into key markets such as Mexico, Chile, Colombia, Peru, Bolivia, and Paraguay, while bolstering the company's infrastructure across the region. Furthermore, Belo aims to strengthen its presence in Brazil, focusing on freelancers, remote workers, and individuals who frequently transfer money across borders.
Founded in Buenos Aires in 2021, Belo's digital wallet has garnered over 3 million users, facilitating the holding and transfer of both local currencies and digital dollars. According to CEO Manuel Beaudroit, the funding marks a significant milestone, following three years of profitable operations and a product that has become integral to users' daily lives.
Beaudroit emphasized that this round is centered on scaling the business. Stablecoins have gained significant traction in emerging markets, including Latin America, as an alternative to traditional banking systems, particularly in regions plagued by high inflation, currency volatility, or limited access to dollar-denominated accounts.
Belo's innovative approach combines payments, foreign exchange, and cross-border transfers into a single, streamlined flow, aiming to mitigate the friction associated with moving money between countries in the region. By leveraging crypto infrastructure, Belo reduces the reliance on multiple services for sending or receiving funds, thereby minimizing costs and delays. The company's model has garnered support from Tether, underscoring the growing demand for stablecoin-based payment systems in markets where dollar-linked assets are highly sought after.
In an interview with CoinDesk, Beaudroit highlighted Belo's role in a broader shift, where crypto tools are increasingly filling the gaps left by traditional finance. He noted that crypto will play a crucial role in servicing individuals and companies, particularly in areas where traditional financial services have fallen short. As Belo expands its regional footprint, the company is also actively hiring across product, engineering, and operations to support its growth.