Belo, a digital wallet platform operating in Latin America and utilizing cryptocurrency for payment processing, has secured $14 million in funding through a Series A round, led by Tether, the issuer of a prominent stablecoin. The funding round also saw participation from Titan Fund, The Venture City, Mindset Ventures, and G2. The newly acquired funds will be utilized to fuel expansion into countries such as Mexico, Chile, Colombia, Peru, Bolivia, and Paraguay, while also enhancing the company's infrastructure across the region.
Additionally, Belo aims to strengthen its presence in Brazil, targeting freelancers and remote workers who frequently engage in cross-border transactions. Founded in Buenos Aires in 2021, Belo has developed a digital wallet that allows users to hold and transfer both local currencies and digital dollars, amassing over 3 million users across Latin America. According to CEO Manuel Beaudroit, 'Having achieved three years of profitable operations with 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 currencies, have gained popularity in emerging markets as an alternative to conventional banking systems, particularly in regions plagued by high inflation, currency fluctuations, 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 platform integrates payments, foreign exchange, and cross-border transfers into a single, streamlined process, aiming to reduce the friction associated with moving money between countries in the region, which remains a slow and expensive process. Users often rely on multiple services to send or receive funds, incurring additional costs and delays. By leveraging crypto infrastructure behind the scenes, Belo simplifies this process.
Tether's involvement in the funding round underscores a broader effort to expand stablecoin-based payment systems in markets with strong demand for dollar-linked assets. In an interview with CoinDesk, Beaudroit positioned Belo's approach as part of 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 expands its regional footprint, the company is also hiring across various departments, including product, engineering, and operations.