Fintech startup Belo to enable Latin American users to receive payments in US dollars

StartupBeat Team
By StartupBeat Team June 3, 2024

Founded in Argentina by Manuel Beaudroit in 2020, belo is a fintech startup that created a digital wallet solution that helps freelancers and remote workers in developing markets with the global economy.

In an announcement this week, the company said it will now launch Automated Clearing House (ACH) transfers in US dollars (USD) directly to users’ wallets.

For many freelance workers in Latin America, the new availability is expected to help Latin America-based workers who earn income from the US, simplifying the payment process, cutting the middleman, and providing a “one-stop shop” to manage their finances.

According to Interactive Workers, an outsourcing service, there are nearly 50 million freelancers in Latin America working online.

“Latin American freelance workers now have a one-stop shop where they can receive payments from the US in the most simple way,” said belo co-founder and CEO Manuel Beaudroit. “We are determined to provide the most time and cost-efficient solution to this increasingly segment of the economy, which poses the opportunity to change the socio-economic tissue of the region. Once forgotten, Latam workers now have a powerful tool to become a beacon of change globally.”

According to a company statement, belo users can take advantage of this feature by opening a dollar-receiving account in their belo wallet.

After setting up the account, they can start receiving ACH transfers, with a 2% transaction fee — ensuring users get to keep more of their hard-earned money while they get a 3% APY on their USDC balance.

The senders can range from personal US bank accounts to digital platforms such as Deel, Airbnb, YouTube, Upwork, Hotmart among others.

Image credit: belo

Once the funds are credited to the wallet, customers will be free to use them as they wish. They may swap the coins, make purchases at physical and virtual merchants, or withdraw the money to a local bank account in their local currency.

The service has an annual subscription fee of $25 which includes several perks specially thought for freelancers.

This new service will be available for users in 17 countries including Argentina, Bolivia, Brazil, Chile, Colombia, Mexico, Panama, Peru and Uruguay, among others.

The company will soon expand its capabilities to include ACH transfers from business accounts. This means users can get paid directly from a US employer with highly competitive fees. Freelancers, remote workers, and entrepreneurs from all over the region will no longer need intermediaries or high-fee transfer services.