Belo, a digital wallet platform operating in Latin America, has successfully raised $14 million in a Series A funding round, led by Tether, a prominent stablecoin issuer. The investment round also included contributions from Titan Fund, The Venture City, Mindset Ventures, and G2. The funds will be utilized to expand Belo's services into key Latin American markets, including Mexico, Chile, Colombia, Peru, Bolivia, and Paraguay, while enhancing its infrastructure and deepening its presence in Brazil, particularly among freelancers and remote workers.
Founded in 2021 in Buenos Aires, Belo has experienced significant growth, with its user base exceeding 3 million across the region. According to CEO Manuel Beaudroit, the funding marks a pivotal moment for the company, focused on scaling operations after achieving three years of profitable operations. Stablecoins have gained popularity in emerging markets as a viable alternative to traditional banking systems, especially 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 process, aiming to reduce the friction associated with moving money between countries in the region.
By leveraging crypto infrastructure, Belo seeks to reduce costs and delays, providing users with a more efficient and cost-effective solution. The company's model has garnered support from Tether, underscoring the growing demand for stablecoin-based payment systems in markets with strong demand for dollar-linked assets. Beaudroit views Belo's approach as part of a broader shift, where crypto tools are increasingly filling the gaps left by traditional finance.
As the company expands its regional footprint, it is also hiring across various departments, including product, engineering, and operations.