Belo, a digital wallet tailored for the Latin American market, has secured $14 million in a Series A funding round, led by Tether, a prominent stablecoin issuer. The funding round also saw participation from notable investors such as Titan Fund, The Venture City, Mindset Ventures, and G2. The freshly raised capital will be utilized to fuel Belo's expansion into key Latin American markets, including Mexico, Chile, Colombia, Peru, Bolivia, and Paraguay, while bolstering its infrastructure across the region. Additionally, the company aims to deepen its presence in Brazil, focusing on freelancers, remote workers, and individuals who frequently engage in cross-border transactions.
Founded in Buenos Aires in 2021, Belo has experienced rapid growth, amassing over 3 million users across Latin America. According to CEO Manuel Beaudroit, the company's successful operations and user-centric product have paved the way for this funding round, which is primarily focused on scaling.
Stablecoins, which are cryptocurrencies pegged to the value of traditional fiat currencies, have gained significant traction in emerging markets as a viable alternative to conventional 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 seamless flow, aiming to reduce friction in a region where moving money between countries remains a slow and expensive process.
By leveraging crypto infrastructure behind the scenes, Belo streamlines this process, making it more efficient and cost-effective for users. The backing from Tether underscores a broader push to expand stablecoin-based payment systems in markets where demand for dollar-linked assets remains strong. Beaudroit views Belo's approach as part of a larger shift, where crypto tools are beginning to fill the gaps left by traditional finance. In an interview with CoinDesk, he stated, 'Crypto will be starting to do what the traditional financial services haven't done, which is servicing people and their companies.' As Belo expands its regional footprint, the company is also hiring across various departments, including product, engineering, and operations.