Belo, a digital wallet focused on the Latin American market, has secured $14 million in funding from a Series A round led by Tether, a prominent stablecoin issuer. The funding round also saw participation from notable investors including Titan Fund, The Venture City, Mindset Ventures, and G2.

The newly acquired funds will be utilized to further expand Belo's services into key Latin American countries such as Mexico, Chile, Colombia, Peru, Bolivia, and Paraguay, while also bolstering its infrastructure across the region. Additionally, the company aims to strengthen its presence in Brazil by targeting freelancers and remote workers who frequently transfer money 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, the company's primary focus with this funding round is on scaling its operations, having already achieved three years of profitable 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 process, thereby reducing the friction often associated with moving money between countries in the region. By leveraging crypto infrastructure, Belo aims to simplify the process of sending or receiving funds, which currently involves using multiple services and incurring additional costs and delays. The backing from Tether underscores a broader effort to expand stablecoin-based payment systems in markets with strong demand for dollar-linked assets. In an interview, Beaudroit emphasized that crypto tools are beginning to fill the gaps left by traditional finance, particularly in servicing individuals and companies.

As Belo expands its regional footprint, the company is also hiring across various departments, including product, engineering, and operations.