coindesk.com
Belo, a Latin America-focused digital wallet that uses crypto rails for payments, has raised $14 million in a Series A round led by stablecoin issuer Tether.
The round included Titan Fund, The Venture City, Mindset Ventures and G2.
The company plans to use the funds to expand into Mexico, Chile, Colombia, Peru, Bolivia and Paraguay, while scaling its infrastructure across the region. It is also deepening its presence in Brazil, targeting freelancers, remote workers and others who move money across borders.
Founded in Buenos Aires in 2021, Belo offers a digital wallet that lets users hold and transfer local currencies alongside digital dollars. The platform has grown to more than 3 million users across Latin America.
"We reached this round with three years of profitable operations and a product that people use in their daily lives," said CEO Manuel Beaudroit. "This round is about scaling."
Stablecoins — cryptocurrencies with prices tied to fiat money — have gained traction across emerging markets as an alternative to traditional banking systems, especially in regions with high inflation, currency volatility or limited access to dollar-denominated accounts. In Latin America, they are often used to store value, send remittances and bypass costly foreign exchange systems.
Belo combines payments, foreign exchange and cross-border transfers in a single flow, aiming to reduce friction in a region where moving money between countries remains slow and expensive. Users often rely on multiple services to send or receive funds, adding costs and delays.
The company’s model uses crypto infrastructure behind the scenes to streamline that process. Tether’s backing points to a broader push to expand stablecoin-based payment systems in markets where demand for dollar-linked assets remains strong.
Beaudroit framed Belo’s approach as part of a wider shift, with crypto tools starting to fill gaps left by traditional finance, in an interview with CoinDesk.
"Crypto will be starting to do what the traditional financial services haven't done, which is servicing people and their companies," he said.
Belo said it is also hiring across product, engineering and operations as it expands its regional footprint.