Latin American digital wallet provider Belo has successfully raised $14 million in a Series A funding round, led by prominent stablecoin issuer Tether, alongside other notable investors including Titan Fund, The Venture City, Mindset Ventures, and G2. The funds will be utilized to fuel 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 rapid growth, amassing over 3 million users across the region. According to CEO Manuel Beaudroit, the company's focus is now on scaling, having achieved three years of profitable operations.
Stablecoins have gained significant traction in emerging markets, including Latin America, as a viable alternative to traditional banking systems, especially in areas 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 seamless flow, thereby reducing the friction often associated with moving money between countries in the region. By leveraging crypto infrastructure, Belo aims to simplify the process, a strategy that Tether's investment supports. Beaudroit views Belo's model as part of a broader shift, where crypto tools are increasingly filling the gaps left by traditional finance, particularly in servicing individuals and companies.
As the company expands its regional footprint, it is also hiring across various departments, including product, engineering, and operations.