Latin America-focused digital wallet provider Belo has successfully raised $14 million in a Series A funding round, led by prominent stablecoin issuer Tether, and accompanied by investments from Titan Fund, The Venture City, Mindset Ventures, and G2. The funds will be utilized to fuel expansion into key Latin American markets, including 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 who frequently transfer funds across borders. Founded in Buenos Aires in 2021, Belo has experienced significant growth, with its digital wallet now used by over 3 million users across the region. According to CEO Manuel Beaudroit, 'We've achieved three years of profitable operations, and our product has become an integral part of users' daily lives; this funding round is focused on scaling our operations.' The adoption of stablecoins, which are cryptocurrencies pegged to the value of traditional fiat currencies, has gained momentum in emerging markets as a viable alternative to conventional banking systems, especially in regions 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 flow, 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's model simplifies the process, and Tether's involvement underscores the growing push to expand stablecoin-based payment systems in markets with strong demand for dollar-linked assets. Beaudroit emphasized that Belo's strategy is part of a broader shift, where crypto tools are beginning to fill the gaps left by traditional finance, particularly in servicing individuals and companies.

As the company expands its regional footprint, it is also recruiting talent across product, engineering, and operations to support its growth.