Belo, a pioneering digital wallet platform in Latin America, has successfully secured $14 million in funding through a Series A round, led by Tether, a prominent stablecoin issuer. The investment round also saw participation from notable investors such as Titan Fund, The Venture City, Mindset Ventures, and G2.
The funds will be utilized to fuel expansion into key markets including Mexico, Chile, Colombia, Peru, Bolivia, and Paraguay, while bolstering the company's infrastructure across the region. Additionally, Belo aims to deepen its presence in Brazil, focusing on freelancers, remote workers, and individuals who frequently transfer money across borders. Founded in 2021 in Buenos Aires, Belo has experienced significant growth, now boasting over 3 million users 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 centered on scaling our operations." Stablecoins, which are cryptocurrencies pegged to the value of traditional currencies, have gained popularity in emerging markets as a viable alternative to conventional 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, aiming to reduce the friction associated with moving money between countries in the region. By leveraging crypto infrastructure, Belo simplifies the process, which often involves relying on multiple services, thereby incurring additional costs and delays. The backing from Tether underscores a broader push to expand stablecoin-based payment systems in markets where there is a strong demand for dollar-linked assets. In an interview with CoinDesk, Beaudroit emphasized Belo's role in a larger shift, where crypto tools are beginning to address gaps in traditional finance.
"Crypto is poised to fill the gaps left by traditional financial services, focusing on serving individuals and businesses," he stated. As part of its expansion, Belo is also hiring talent across product development, engineering, and operations to support its growing regional presence.