Latin American digital wallet provider Belo has successfully raised $14 million in a Series A funding round, led by prominent stablecoin issuer Tether, with participation from notable investors including Titan Fund, The Venture City, Mindset Ventures, and G2. The newly acquired funds will be utilized to propel the company's expansion into key Latin American markets such as Mexico, Chile, Colombia, Peru, Bolivia, and Paraguay, while bolstering its infrastructure and deepening its presence in Brazil.

Belo's primary focus will be on catering to freelancers, remote workers, and individuals who frequently transfer money across borders. Founded in Buenos Aires in 2021, Belo has experienced significant growth, amassing over 3 million users across Latin America. According to CEO Manuel Beaudroit, the company's primary objective with this funding round is to scale its operations, building upon its three years of profitable operations and a product that has become an integral part of users' daily lives.

Stablecoins have gained substantial traction 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, thereby reducing friction in a region where transferring money between countries remains a slow and expensive process.

By leveraging crypto infrastructure behind the scenes, Belo aims to simplify this process. The backing from Tether underscores a broader effort to expand stablecoin-based payment systems in markets where demand for dollar-linked assets remains strong. In an interview with CoinDesk, Beaudroit emphasized Belo's role in a larger shift, where crypto tools are beginning to fill the gaps left by traditional finance, particularly in servicing individuals and companies.

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