Latin America-focused digital wallet Belo has secured $14 million in funding, led by stablecoin issuer Tether, to drive the expansion of stablecoin payment solutions across the region. The investment round, which included participation from Titan Fund, The Venture City, Mindset Ventures, and G2, will be utilized to bolster Belo's presence in key markets such as Mexico, Chile, Colombia, Peru, Bolivia, and Paraguay, while enhancing its infrastructure to facilitate efficient cross-border transactions.
Founded in 2021 in Buenos Aires, Belo has experienced significant growth, reaching over 3 million users, and is well-positioned to capitalize on the growing demand for stablecoin-based payment systems in emerging markets. According to CEO Manuel Beaudroit, the funding will be instrumental in scaling the company's operations, building on its three years of profitable growth and product adoption.
The integration of stablecoins, which are pegged to the value of traditional currencies, has gained traction in Latin America as a means to store value, send remittances, and circumvent costly foreign exchange systems, particularly in areas with high inflation and limited access to dollar-denominated accounts. By leveraging crypto infrastructure, Belo aims to reduce the friction associated with cross-border transactions, providing a streamlined and cost-effective solution for users. The company's approach is part of a broader trend, where crypto tools are increasingly being used to address gaps in traditional financial services, with Beaudroit emphasizing the potential for crypto to service individuals and businesses in ways that traditional finance has not. As Belo expands its regional footprint, it is also investing in hiring across key areas, including product, engineering, and operations, to support its growth strategy.