Belo, the digital wallet that allows you to exchange between Argentine pesos and crypto, announced that it has received an investment of 3 million dollars. The Seed series funding round was led by: CRV, The Venture city, NEWTOPIA, Latitude, Liquid 2, Infinity Ventures Crypto, Magma Partners and Sur VC.
This funding will allow Belo to further develop its digital crypto wallet locally and regionally. The capital will also be used to strengthen its expansion strategy to other Latam countries, add more talent, launch new solutions aimed at businesses and companies, invest in the development of new features, improve brand positioning and marketing strategy.
“We are very motivated with this investment round, which reflects the confidence in Belo and in the crypto development of Argentina and all of Latin America. Our goal is to improve the user experience, since people are the main axis of our brand. In Belo we have had strong growth since we launched the app in September 2021, which shows the growing interest of people in the crypto world and our product”, says Manuel Beaudroit, CEO and Co-founder of Belo.
Belo is a digital wallet that allows you to exchange between Argentine pesos and crypto, launched in 2021, in the midst of a pandemic. It is the first fintech in Argentina to offer a Mastercard prepaid card, which allows you to pay in stores directly with cryptocurrencies and offers refunds in crypto (cashback) between a minimum of 2% and 21% of the amount spent. Belo, which aspires to add 1 billion users from around the world to its platform in the long term, was designed to be fully interoperable between local currencies and crypto, in a simple and intuitive way.
Andy Areitio, General Partner of TheVentureCity, praised Belo’s work in enabling people to easily pay, save and invest by leveraging DeFi. “Manuel and his team, made up of leaders in the Argentine crypto ecosystem, work tirelessly to guarantee greater autonomy to people in Latin America, giving them greater control over their future. At TheVentureCity, we are excited about the great opportunity that Belo is seeking, the product mindset, and the incredible crypto talent that is attracting to beautiful Buenos Aires and around the world,” says Areitio.
Belo was the first company in the country to apply to Mastercard’s “Crypto Card Program” and present its product to the market. “We are interested in more people who are not being able to access quality financial services to be able to take advantage of what decentralized finance has to offer and in this way take advantage of the potential that cryptocurrencies have for their daily lives. The use of crypto is expanding rapidly, especially in users who are excluded from the traditional financial system”, adds Beaudroit.
Mariano Mayer, Managing Partner of Newtopia, says: “We have known Manuel for a long time. He continues to surprise us day by day with the execution capacity that he develops in Belo, as well as the focus on the user and the construction of the Community. That is possible because they built a great team. These aspects are the key to the enormous challenge that has been proposed: Improving financial inclusion through crypto. We are certainly more than happy to share Belo and Manuel’s journey from Newtopia.”