Latin American digital wallet provider Belo 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 including Titan Fund, The Venture City, Mindset Ventures, and G2. The newly acquired funds will be utilized to further expand Belo's services into key Latin American markets such as Mexico, Chile, Colombia, Peru, Bolivia, and Paraguay, while also enhancing its existing infrastructure.
Additionally, the company plans to strengthen its presence in Brazil, focusing on freelancers and remote workers who frequently engage in cross-border transactions. Founded in Buenos Aires in 2021, Belo has experienced significant growth, with its user base now exceeding 3 million across Latin America. According to CEO Manuel Beaudroit, the funding round marks a pivotal moment for the company, driven by three years of profitable operations and a widely adopted product. Beaudroit emphasized that this funding round is primarily focused on scaling the business.
Stablecoins have gained popularity in emerging markets as a viable alternative to traditional 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 innovative approach combines 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. By leveraging crypto infrastructure, Belo simplifies the process, eliminating the need for multiple services that often add costs and delays. The company's model has garnered support from Tether, highlighting 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 strategy as part of a larger shift, where crypto tools are increasingly filling the gaps left by traditional finance. He emphasized that crypto will play a crucial role in servicing individuals and businesses, particularly in areas where traditional financial services have fallen short.
As Belo continues to expand its regional footprint, the company is also investing in hiring across product, engineering, and operations to support its growth.