Latin American digital wallet provider Belo has successfully raised $14 million in a Series A funding round, with Tether, a prominent stablecoin issuer, taking the lead. Additional investors in the round included Titan Fund, The Venture City, Mindset Ventures, and G2.
The newly acquired funds will be utilized to fuel Belo's expansion into key Latin American markets such as Mexico, Chile, Colombia, Peru, Bolivia, and Paraguay, while also enhancing its infrastructure and deepening its presence in Brazil. This strategic move aims to cater to the growing needs of freelancers, remote workers, and individuals who frequently transfer money across borders.
Founded in Buenos Aires in 2021, Belo has experienced rapid growth, amassing over 3 million users across the region. According to CEO Manuel Beaudroit, 'Having achieved three years of profitable operations and developed a product that is integral to people's daily lives, this funding round is focused on scaling our operations.' 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 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 approach combines payments, foreign exchange, and cross-border transfers into a single, streamlined flow, thereby reducing the friction often associated with moving money between countries in the region.
By leveraging crypto infrastructure, Belo aims to simplify the process of sending and receiving funds, which currently relies on multiple services, resulting in added costs and delays. The backing from Tether underscores a broader effort to expand stablecoin-based payment systems in markets where the demand for dollar-linked assets remains robust. In an interview with CoinDesk, Beaudroit emphasized Belo's role in a larger shift, where crypto tools are beginning to fill the gaps left by traditional finance.
'Crypto will start to do what traditional financial services haven't done, which is serving people and their companies,' he stated. As Belo continues to expand its regional footprint, the company is also actively hiring across product, engineering, and operations to support its growth.