Latin American digital wallet provider Belo has successfully raised $14 million in a Series A funding round, with Tether, a prominent stablecoin issuer, at the helm. The funding round also saw participation from notable investors including Titan Fund, The Venture City, Mindset Ventures, and G2. The newly acquired funds will be utilized to expand Belo's presence in key Latin American markets such as Mexico, Chile, Colombia, Peru, Bolivia, and Paraguay, while bolstering its infrastructure to facilitate seamless transactions.
Additionally, the company aims to strengthen its foothold in Brazil, targeting freelancers and remote workers who frequently transfer funds across borders. Founded in Buenos Aires in 2021, Belo has experienced remarkable 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 have gained significant traction in emerging markets as a viable alternative to traditional banking systems, particularly in regions plagued by high inflation, currency fluctuations, and limited access to dollar-denominated accounts. In Latin America, stablecoins are frequently 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, thereby reducing the friction associated with moving money between countries. By leveraging crypto infrastructure, Belo aims to simplify the process of sending and receiving funds, which often involves relying on multiple services and incurring additional costs and delays.
The backing of Tether underscores the growing demand for stablecoin-based payment systems in markets where dollar-linked assets are in high demand. In an interview with CoinDesk, Beaudroit emphasized Belo's role in a broader 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.