Latin American digital wallet provider Belo has successfully raised $14 million in a Series A funding round, led by prominent stablecoin issuer Tether, with participation from notable investors including Titan Fund, The Venture City, Mindset Ventures, and G2. The funds will be utilized to drive expansion into key markets such as Mexico, Chile, Colombia, Peru, Bolivia, and Paraguay, while bolstering the company's infrastructure and deepening its presence in Brazil, particularly among freelancers and remote workers. Founded in Buenos Aires in 2021, Belo has experienced significant growth, with its user base exceeding 3 million across Latin America.
According to CEO Manuel Beaudroit, the company's profitable operations over the past three years have positioned it for scaling. Stablecoins have gained popularity in emerging markets as a viable alternative to traditional banking systems, especially in regions plagued by high inflation and limited access to dollar-denominated accounts.
Belo's innovative approach combines payments, foreign exchange, and cross-border transfers into a single, streamlined flow, leveraging crypto infrastructure to reduce friction and costs associated with traditional methods. The company's model has garnered support from Tether, highlighting the growing demand for stablecoin-based payment systems. Beaudroit views Belo's strategy as part of a broader shift, where crypto tools are increasingly filling gaps left by traditional finance. As the company expands its regional footprint, it is also hiring across key departments, including product, engineering, and operations.