Latin American digital wallet provider Belo has successfully raised $14 million in a Series A funding round, with stablecoin issuer Tether taking the lead. Additional investors included Titan Fund, The Venture City, Mindset Ventures, and G2.
The funds will be utilized to expand Belo's presence into key Latin American markets such as Mexico, Chile, Colombia, Peru, Bolivia, and Paraguay, while bolstering its infrastructure and deepening its footprint in Brazil, particularly among freelancers and remote workers who frequently transfer funds across borders. Founded in Buenos Aires in 2021, Belo has experienced rapid growth, reaching over 3 million users across Latin America. According to CEO Manuel Beaudroit, 'Having achieved three years of profitable operations and a product that is integral to people's daily lives, this funding round is focused on scaling our operations.' Stablecoins have gained significant traction 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.
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 in the region. By leveraging crypto infrastructure, Belo's model simplifies the process, and Tether's involvement underscores a broader push to expand stablecoin-based payment systems in markets with strong demand for dollar-linked assets.
Beaudroit views Belo's strategy as part of a larger 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 in an interview with CoinDesk. As Belo expands its regional presence, the company is also hiring across various roles, including product, engineering, and operations.