What is belo?

belo is a fintech app in Latin America that lets people hold, send, and spend both local currency and stablecoins from a single balance. Users pay with a card, settle bills, send transfers abroad, swap between currencies, and set up recurring purchases.

The company operates mainly in Argentina, where it serves more than three million people, and is expanding across the region. In April 2026 it raised a Series A led by Tether.

The Challenge

belo had run referral programs before, and they had the problem every sign-up bounty has. They paid for registrations. Someone created an account, collected the reward, and never came back.

The team wanted to spend the same budget on people who became real users instead.

The second problem was the product itself. belo is a consumer finance app, not a crypto protocol. People sign in with an email. They do not connect a wallet, approve transactions, or pay network fees, and the team had no intention of asking them to start.

They needed to:

• Pay for activation, not registration: a reward should go out when someone starts using the account, not when they open one.
• Keep it invisible to the user: people earning rewards had to keep using belo exactly as before, with nothing new to learn and no extra steps.
• Stay off the product roadmap: no app release, no new build inside the app, and no engineering team pulled away from what they were shipping.
• Decide where the money goes: belo needed to control which account received each reward, rather than have that decided by how the user was tracked in the program.

The Solution

Rather than building a rewards system inside a product with no wallets and no onchain activity, belo used Fuul as the layer between the data it already collects and the money that goes out. belo set the rules. Fuul ran them.

With Fuul, belo:

• Split every reward across two missions: the invited friend earns half the reward for funding their account and the other half for using it. The person who invited them is paid only once both are done.
• Ran the program on data belo already had: people are identified by their email, activity comes from belo's own systems, and belo's existing invite codes stayed exactly where they were. Nothing changed inside the app.
• Chose the destination for every payout: belo tells Fuul which account should receive each person's reward. What earns the reward and what receives it are separate, so belo keeps control of where the money lands.
• Delivered the reward without asking the user for anything: Fuul pays in USDT on Arbitrum and handles the claim on belo's behalf, every day. Nobody signs anything, nobody pays a fee, and nobody visits a claim page.

The Strategy: Two Missions Before Anyone Gets Paid

Mission 1: money in

The invited friend deposits $100 or more, in pesos, dollars, or crypto. It is the first real money into the account, and it separates a curious sign-up from someone who intends to use the product.

Mission 2 or 3: money doing something

belo defines two ways to clear this second step, and either one is enough. The friend pays with their card, sends a Pix or QR transfer, or uses an in-app feature such as a currency swap. Any of them mean the account is alive.

The clock is short. The friend has 30 days from signing up with the code to get both done.

Why it takes both

On its own, either mission can mislead. Someone can park funds to collect a bonus and never spend them. Someone else can pass money through an account they never really funded.

Together they describe a person who put money in and then spent it, which is what an active belo customer looks like.

A deposit shows intent. A payment shows it was real.

The same logic handles fraud. Every belo user passes identity verification, and someone who has not been verified cannot transact at all. If they cannot transact, they cannot complete a mission, so referring yourself pays nothing.

Results

The program has run in production since June 2026.

• belo shipped no app changes to run it. The whole program sits on data the team was already producing, so it never competed with the product roadmap.
• Rewards reach people without any action on their part. Since automatic claiming was turned on, every scheduled run has gone out without a failed payment.
• Nobody is paid for a referral that stops at sign-up. The reward only leaves belo's budget once the invited person has funded the account and used it.
• Self-referral pays nothing, because belo's own identity checks make it impossible to complete a mission without being a verified user.

Conclusion

belo set out to stop paying for registrations, and the two-mission structure is what made that possible. The program only pays when someone deposits and then spends, which is the same moment belo would call a customer activated.

The second half of the story is that none of this turned belo into a crypto product. Rewards settle in USDT on a public network, but the people earning them still sign in with an email, still never touch a wallet, and still never approve a transaction.

A company does not have to change what it is in order to pay rewards onchain. It only has to describe what its users do and say where the money should go.

Today, Fuul provides the incentives infrastructure belo needs to reward real product adoption across Latin America, paid out automatically, without asking either the company or its customers to change how they operate.