Latin American digital wallet provider Belo has successfully raised $14 million in a Series A funding round, with Tether, a prominent stablecoin issuer, at the helm. Additional investors include Titan Fund, The Venture City, Mindset Ventures, and G2.
The funds will be utilized to drive expansion into key Latin American markets such as Mexico, Chile, Colombia, Peru, Bolivia, and Paraguay, while bolstering the company's infrastructure across the region. Furthermore, Belo aims to strengthen its presence in Brazil, targeting freelancers and remote workers who frequently transfer funds across borders.
Founded in 2021 in Buenos Aires, Belo has experienced significant growth, with its user base exceeding 3 million across Latin America. According to CEO Manuel Beaudroit, 'Having achieved three years of profitable operations and developed a product that is integral to people's daily lives, this funding round is focused on scaling our operations.' Stablecoins have gained popularity in emerging markets as a viable 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 innovative approach combines payments, foreign exchange, and cross-border transfers into a single, streamlined flow, reducing friction in a region where moving money between countries remains slow and expensive.
By leveraging crypto infrastructure, Belo aims to simplify the process of sending or receiving funds, which often involves relying on multiple services, resulting in added costs and delays. The company's model has garnered support from Tether, underscoring the growing demand for stablecoin-based payment systems in markets where dollar-linked assets are in high demand.
In an interview with CoinDesk, Beaudroit emphasized that crypto tools are beginning to fill the gaps left by traditional finance, stating, 'Crypto will start to do what traditional financial services haven't done, which is servicing people and their companies.' As Belo expands its regional footprint, the company is also hiring across product, engineering, and operations to support its growth.