The digital wallet company Belo, focusing on crypto-powered payments within Latin America, has secured a $14 million Series A investment led by stablecoin issuer Tether. The funding round also featured contributions from Titan Fund, The Venture City, Mindset Ventures, and G2.
With these funds, Belo aims to extend its operations into Mexico, Chile, Colombia, Peru, Bolivia, and Paraguay while enhancing its infrastructure across the region. Additionally, the company plans to increase its presence in Brazil, targeting freelancers, remote workers, and others involved in cross-border transactions. Established in Buenos Aires in 2021, Belo provides a digital wallet that supports both local currencies and digital dollars, having grown its user base to over three million throughout Latin America.
“We achieved this funding with three years of profitable operations and a daily-used product,” CEO Manuel Beaudroit remarked. “Our focus now is on scaling operations.”
Stablecoins, which are cryptocurrencies pegged to fiat currencies, have become popular in emerging markets as alternatives to traditional banking, particularly in areas experiencing high inflation or currency instability, or where access to dollar accounts is limited. In Latin America, these digital assets are frequently used for storing value, transferring remittances, and circumventing expensive foreign exchange systems.
Belo integrates payments, currency exchanges, and cross-border transfers into a seamless process, aiming to mitigate the inefficiencies of regional money movements that remain slow and costly. Users often depend on multiple services for fund transfers, incurring additional expenses and delays. Belo leverages crypto infrastructure to streamline these transactions, with Tether’s involvement underscoring a broader initiative to expand stablecoin-based payment systems in markets where demand for dollar-linked assets is significant.
In an interview with CoinDesk, Beaudroit positioned Belo’s strategy as part of a larger trend, where crypto technologies are addressing gaps left by traditional finance. “Crypto will start fulfilling roles that conventional financial services have not managed to address, serving individuals and businesses,” he explained.
As it expands its regional presence, Belo is also increasing its workforce across product development, engineering, and operations.