Latin America-focused digital wallet Belo has secured $14 million in funding, led by Tether, to expand its stablecoin payment services across the region. The Series A round also saw participation from investors such as Titan Fund, The Venture City, Mindset Ventures, and G2.
The funds will be utilized to drive expansion into key markets including Mexico, Chile, Colombia, Peru, Bolivia, and Paraguay, while bolstering the company's infrastructure. Belo, founded in 2021, offers a digital wallet that enables users to hold and transfer both local currencies and digital dollars, with a user base exceeding 3 million across Latin America. According to CEO Manuel Beaudroit, the funding round marks a significant milestone, highlighting the company's profitable operations and the potential for scaling.
Stablecoins have gained popularity in emerging markets as an alternative to traditional banking systems, particularly 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 payment system combines payments, foreign exchange, and cross-border transfers, leveraging crypto infrastructure to reduce friction in a region where moving money between countries remains slow and expensive. The company's approach is part of a broader shift, with crypto tools filling gaps left by traditional finance.
As Belo expands its regional footprint, it is also hiring across product, engineering, and operations.