Latin American digital wallet provider Belo has successfully raised $14 million in a Series A funding round, with stablecoin issuer Tether taking the lead. The round also saw participation from notable investors including Titan Fund, The Venture City, Mindset Ventures, and G2. The funds will be utilized to fuel Belo's expansion into key Latin American markets such as Mexico, Chile, Colombia, Peru, Bolivia, and Paraguay, while bolstering its infrastructure across the region.
Additionally, the company aims to strengthen its presence in Brazil, focusing on freelancers, remote workers, and individuals who frequently transfer money across borders. Founded in Buenos Aires in 2021, Belo has developed a digital wallet that allows users to hold and transfer both local currencies and digital dollars, garnering a user base of over 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, which are cryptocurrencies pegged to the value of fiat currencies, have gained significant 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 process, aiming to reduce the friction associated with moving money between countries in the region. By leveraging crypto infrastructure, Belo's model simplifies the process, and Tether's involvement underscores a broader push to expand stablecoin-based payment systems in markets with 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 fill the gaps left by traditional finance. "Crypto will start to do what 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 various departments, including product, engineering, and operations.