Latin American digital wallet provider Belo has successfully raised $14 million in a Series A funding round, led by stablecoin issuer Tether and accompanied by investments from Titan Fund, The Venture City, Mindset Ventures, and G2. The funds will be utilized to further expand the company's presence in key Latin American markets, including Mexico, Chile, Colombia, Peru, Bolivia, and Paraguay, while also enhancing its existing infrastructure and deepening its reach in Brazil. This strategic move targets 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 the region.
According to CEO Manuel Beaudroit, the company's focus is on scaling, having achieved three years of profitable operations and developed a product that is integral to users' daily lives. The integration of stablecoins, which are cryptocurrencies pegged to the value of traditional fiat currencies, has seen considerable traction in emerging markets as an alternative to conventional banking systems, particularly in areas 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 model combines payments, foreign exchange, and cross-border transfers into a single, streamlined flow, leveraging crypto infrastructure to reduce friction and costs associated with moving money between countries. The company's approach is part of a broader trend where crypto tools are filling the gaps left by traditional financial services, aiming to provide more inclusive and efficient financial solutions. As Belo expands its regional footprint, it is also hiring across various departments, including product, engineering, and operations, to support its growth and vision.