Announcement and Deal Overview
We are excited to announce our investment in Belo, an Argentine digital wallet that allows users to pay, save, and invest easily by leveraging DeFi.
Since its launch nine months ago, Belo has experienced tremendous growth, fueling a $3M USD seed financing round from top early-stage investors. In addition to TheVentureCity, the round was funded by a consortium of Silicon Valley-based, crypto-native, and LatAm-focused funds: CRV, Newtopia, Liquid 2, Infinity Ventures Crypto, Magma Partners, and Sur VC, among others.
Why we invested
"We were impressed by the extraordinary level of execution by Belo. With a founding team of mission-driven crypto veterans led by Manuel Beaudroit, Belo is relentlessly working to create wealth for the masses and to fight inflation in LatAm. We are excited about the opportunity Belo is targeting, the team's data-driven and product mindset, and the incredible pool of talent Belo is attracting to beautiful Buenos Aires and across the globe." - Andy Areitio, General Partner at TheVentureCity.
This round of fresh capital will allow Belo to continue developing its digital crypto wallet at the local and regional levels, with the goal of reaching 1 million users across its QR & P2P payments, debit card, and payroll products.
Belo is a crypto-fiat, digital platform that lets users onboard into crypto, allowing newcomers and seasoned crypto enthusiasts to use crypto in their daily consumer activities. Belo incorporates a crypto-fiat exchange, wallet services, and yield generation components into one platform. Some core use cases include payments, savings, and payroll.
Belo solves a core problem in Argentina, and ultimately all of Latin America. Latin American inhabitants struggle to create wealth due to high inflation and lack of access to banking products. Belo helps alleviate both of these problems to empower Latin Americans to take charge of their financial futures.