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 fuel expansion into key markets such as Mexico, Chile, Colombia, Peru, Bolivia, and Paraguay, while bolstering the company's infrastructure and deepening its presence in Brazil, particularly among freelancers and remote workers.
Founded in Buenos Aires in 2021, Belo's digital wallet has garnered over 3 million users across Latin America, allowing them to hold and transfer both local currencies and digital dollars. According to CEO Manuel Beaudroit, the company has achieved three years of profitable operations, with this funding round focused on scaling the business. Stablecoins have gained significant traction 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.
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 flow, reducing friction in a region where moving money between countries remains slow and expensive. By leveraging crypto infrastructure, Belo aims to simplify the process, with Tether's backing underscoring a broader push to expand stablecoin-based payment systems in markets with strong demand for dollar-linked assets.
Beaudroit views Belo's strategy as part of a larger shift, where crypto tools are beginning to fill gaps left by traditional finance, particularly in servicing individuals and companies. As the company expands its regional footprint, it is also hiring across product, engineering, and operations to support its growth.