Belo, a digital wallet focused on Latin America, has secured $14 million in funding through a Series A round, led by Tether, a prominent stablecoin issuer. The round also saw participation from notable investors including Titan Fund, The Venture City, Mindset Ventures, and G2. The funds will be utilized to expand Belo's presence into key markets such as Mexico, Chile, Colombia, Peru, Bolivia, and Paraguay, while bolstering its infrastructure across Latin America.
Additionally, the company aims to strengthen its position in Brazil, targeting freelancers and remote workers who frequently engage in cross-border transactions. Founded in Buenos Aires in 2021, Belo has experienced significant growth, amassing over 3 million users across the region. According to CEO Manuel Beaudroit, 'Having achieved three years of profitable operations with a product that is integral to people's daily lives, this funding round is focused on scaling our operations.' Stablecoins, which are cryptocurrencies pegged to the value of traditional currencies, have gained popularity in emerging markets as an alternative to conventional banking systems, particularly in areas plagued by high inflation, currency volatility, 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. By combining payments, foreign exchange, and cross-border transfers into a single, streamlined process, Belo aims to reduce the friction associated with moving money between countries in the region. The company's approach leverages crypto infrastructure to facilitate this process, with Tether's involvement underscoring the growing push to expand stablecoin-based payment systems in markets with strong demand for dollar-linked assets. In an interview with CoinDesk, Beaudroit emphasized Belo's role in a broader shift, where crypto tools are beginning to fill the gaps left by traditional finance.
'Crypto will start to do what traditional financial services haven't done, which is serving people and their companies,' he stated. As Belo expands its regional footprint, the company is also hiring across various departments, including product, engineering, and operations.