Latin America-focused 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 funds will be utilized to drive 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, particularly among freelancers and remote workers who frequently transfer funds across borders. Founded in Buenos Aires in 2021, Belo has experienced significant growth, with its user base exceeding 3 million across the region. According to CEO Manuel Beaudroit, the company's profitable operations over the past three years have positioned it for scaling, with this funding round dedicated to further expansion.
Stablecoins have gained popularity in emerging markets as an alternative to traditional banking systems, especially in regions plagued by high inflation, currency volatility, or limited access to dollar-denominated accounts. Belo's innovative approach 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 model is poised to capitalize on the growing demand for dollar-linked assets in Latin America, with Tether's backing underscoring the potential for stablecoin-based payment systems in the region.
Beaudroit envisions Belo's strategy as part of a broader shift, where crypto tools are increasingly filling gaps left by traditional financial services, particularly in servicing individuals and businesses. As the company expands its regional footprint, it is also embarking on a hiring spree across product, engineering, and operations to support its growth.