Belo

About Belo

Belo is a financial technology company headquartered in Buenos Aires, Argentina, that provides a digital wallet designed to streamline international financial transactions for freelancers and remote workers in Latin America. Founded in 2021 by Manuel Beaudroit, Edwin Rager, and Patricio Jutard, the company aims to address the challenges of receiving cross-border payments and to offer a defense against local economic issues like inflation. Beaudroit, the CEO, has a substantial background in the crypto space, having co-founded one of Latin America's first Bitcoin exchanges, Bitex, in 2014. His experience in digital marketing and as an educator in blockchain and fintech at various universities informs Belo's mission.

The company operates in a growing market of nearly 50 million freelancers in Latin America, offering a platform that supports a global workforce. Belo's primary service is a mobile application that functions as a multi-currency digital wallet, allowing users to receive payments in currencies like USD and EUR from international platforms such as Deel, Upwork, and Airbnb. These funds are received as stablecoins (like USDC or USDT) which can then be held to earn returns, exchanged for other cryptocurrencies, or converted to local currency and withdrawn to a bank account. The business generates revenue through transaction fees, such as a 2% fee on incoming ACH transfers, and an annual subscription for certain services. In May 2022, Belo secured a $3 million seed funding round to fuel its expansion into Mexico and Brazil and to develop services for business clients. The round saw participation from investors including CRV, The Venture City, and Newtopia VC.

Belo's product distinguishes itself with several key features. It was the first to launch a Mastercard prepaid card in the region that allows users to spend their crypto or fiat balances directly at any merchant, offering a cashback incentive between 2% and 21%. The app also facilitates international transfers to over 50 countries, allows for the payment of local utility bills in Argentina, and integrates with Brazil's Pix payment system for seamless transactions within that country. For business clients, Belo provides a web platform to manage payroll, make payments to suppliers, and monitor transactions. By June 2024, the company expanded its services to allow direct ACH transfers from U.S. bank accounts, further simplifying the payment process for freelancers receiving income from the United States.