Latin American digital wallet provider Belo has successfully raised $14 million in a Series A funding round, led by Tether, a prominent stablecoin issuer. The funding round also saw participation from Titan Fund, The Venture City, Mindset Ventures, and G2.
The newly acquired funds will be utilized to drive expansion into key Latin American markets, including Mexico, Chile, Colombia, Peru, Bolivia, and Paraguay, while enhancing the company's infrastructure. Additionally, Belo plans to strengthen its presence in Brazil, focusing on freelancers, remote workers, and individuals who frequently transfer funds across borders.
Founded 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 funding round with three years of profitable operations and a product that is integral to people's daily lives.
This round is focused on scaling our operations.' Stablecoins have gained popularity in emerging markets as a viable 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 innovative approach combines payments, foreign exchange, and cross-border transfers into a single, streamlined flow, aiming to reduce friction in a region where moving money between countries remains slow and expensive. By leveraging crypto infrastructure, Belo simplifies the process, and Tether's backing underscores the growing push to expand stablecoin-based payment systems in markets with strong demand for dollar-linked assets.
In an interview with CoinDesk, Beaudroit highlighted Belo's role in a broader shift, where crypto tools are filling 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 product, engineering, and operations to support its growth.