Belo, a digital wallet provider focused on the Latin American market, 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 notable investors such as Titan Fund, The Venture City, Mindset Ventures, and G2. The company plans to utilize the funds to expand its operations into key markets including Mexico, Chile, Colombia, Peru, Bolivia, and Paraguay, while also enhancing its infrastructure and deepening its presence in Brazil. This strategic expansion aims to cater to the growing needs of freelancers, remote workers, and individuals who frequently transfer funds across borders.
Founded in Buenos Aires in 2021, Belo has experienced rapid growth, with its user base exceeding 3 million across Latin America. According to CEO Manuel Beaudroit, the company's focus is now on scaling its operations, having established a profitable track record over the past three years. The integration of stablecoins, which are cryptocurrencies pegged to the value of fiat currencies, has gained significant traction in emerging markets as a viable alternative to traditional banking systems. This is particularly evident 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 process, leveraging crypto infrastructure to reduce friction and costs associated with moving money between countries. The company's model has attracted the support of Tether, highlighting the growing demand for stablecoin-based payment systems in regions where dollar-linked assets are in high demand. In an interview with CoinDesk, Beaudroit emphasized the shifting landscape of financial services, with crypto tools increasingly filling the gaps left by traditional finance.
As Belo continues to expand its regional footprint, the company is also hiring across various departments, including product, engineering, and operations.