Belo, a digital wallet platform operating in Latin America, has secured $14 million in funding through a Series A round, led by Tether, a prominent stablecoin issuer. The round also saw participation from Titan Fund, The Venture City, Mindset Ventures, and G2. The investment will be utilized to expand Belo's services into Mexico, Chile, Colombia, Peru, Bolivia, and Paraguay, while bolstering its infrastructure across the region. Additionally, the company aims to deepen its presence in Brazil, targeting freelancers, remote workers, and individuals who frequently transfer money across borders.
Established in Buenos Aires in 2021, Belo has experienced significant growth, with its digital wallet now used by over 3 million users across Latin America. According to CEO Manuel Beaudroit, 'We have achieved this round with three years of profitable operations and a product that people use in their daily lives. This round is about scaling.' Stablecoins have gained popularity in emerging markets as an alternative to traditional banking systems, particularly in regions with high inflation, currency volatility, or limited access to dollar-denominated accounts. In Latin America, stablecoins are often used for storing value, sending remittances, and bypassing costly foreign exchange systems.
Belo's platform combines payments, foreign exchange, and cross-border transfers into a single flow, aiming to reduce friction in a region where moving money between countries remains slow and expensive. The company's model leverages crypto infrastructure to streamline this process, and Tether's backing indicates a broader push to expand stablecoin-based payment systems in markets with strong demand for dollar-linked assets. Beaudroit views Belo's approach as part of a larger shift, with crypto tools beginning to fill gaps left by traditional finance.
'Crypto will be starting to do what the traditional financial services haven't done, which is servicing people and their companies,' he stated. As Belo expands its regional footprint, the company is also hiring across product, engineering, and operations.