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. Other participants in the round included Titan Fund, The Venture City, Mindset Ventures, and G2.
The funds will be utilized to further expand Belo's presence in key Latin American markets such as Mexico, Chile, Colombia, Peru, Bolivia, and Paraguay, while also strengthening its existing infrastructure and deepening its reach in Brazil, particularly among freelancers and remote workers who frequently engage in cross-border transactions. Founded in Buenos Aires in 2021, Belo has experienced significant growth, with its user base now exceeding 3 million across the region. According to CEO Manuel Beaudroit, the company's focus is on scaling, having achieved three years of profitable operations and developed a product that is integral to users' daily lives.
Stablecoins have gained popularity in emerging markets as a viable alternative to traditional banking systems, especially in areas plagued by high inflation, currency fluctuations, 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 often associated with moving money between countries in the region. By leveraging crypto infrastructure, Belo simplifies the process, making it faster and more cost-effective for users.
The backing from Tether underscores a broader effort to expand stablecoin-based payment systems in markets with strong demand for dollar-linked assets. Beaudroit views Belo's strategy as part of a larger shift, where crypto tools are beginning to address the gaps left by traditional finance, particularly in servicing individuals and businesses. As Belo expands its regional footprint, the company is also recruiting talent across product, engineering, and operations to support its growth.