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Latin American digital wallet platform Belo completes $14 million Series A funding, led by Tether
BlockBeats News, April 29 — Tether led a $14 million Series A funding round for Latin American digital wallet platform Belo. The round also included Titan Fund, The Venture City, Mindset Ventures, and G2.
Belo stated it will use the new funds to expand into the markets of Mexico, Chile, Colombia, Peru, Bolivia, and Paraguay, and continue strengthening its operations in Brazil, focusing on serving freelancers, remote workers, and cross-border fund transfer users.
Belo was founded in 2021 and is headquartered in Buenos Aires, Argentina. It currently has over 3 million Latin American users. Its product is a digital wallet based on crypto infrastructure that supports users holding and transferring local currencies and “digital dollars” (stablecoins).
Reports indicate that stablecoins have rapidly gained popularity in emerging markets like Latin America in recent years, mainly used for inflation hedging, cross-border remittances, and bypassing high-cost foreign exchange systems. Belo integrates payments, currency exchange, and cross-border transfers into a single app process, utilizing crypto infrastructure behind the scenes to settle transactions, thereby reducing the costs and delays of cross-border transfers.