Félix raises $200 million to broaden
Félix, a chat-based financial platform for Latino immigrants, has raised $87 million in Series C equity and secured a $113 million credit facility.
Félix has raised $200 million in a combined equity and debt round to fund an expansion beyond its core remittance business. The chat-based platform, which uses WhatsApp to serve Latino immigrants in the US, plans to develop into a multi-product financial company.
Andreessen Horowitz led the $87 million Series C equity round. QED Investors, Castle Island Ventures, Switch Ventures, Contour Venture Partners, and Endeavor Catalyst also participated. Separately, the startup secured a $113 million credit facility from General Catalyst.
Core business and technology
Founded in 2020 by Venezuelan Manuel Godoy and Mexican Bernardo García, Félix operates in the United States. It connects users with families across eleven Latin American markets.
The platform uses artificial intelligence to help money transfers via a chatbot. Users initiate WhatsApp transactions by writing or using voice notes to state how much money to send and to whom. Debit card details are only entered at the final step via a secured link.
Behind the scenes, Félix utilises Circle’s USDC stablecoin. The company states this lowers currency exchange costs, making transactions significantly cheaper and faster than traditional Swift methods. Félix says it has processed more than $8 billion for over six million people.
Expansion plans
With the new funding, the firm plans to develop what it calls a "Cognitive Financial Companion." This AI bot will be central to offering a wider range of financial products. Planned expansions include lending and savings products offered through third-parties. The company also intends to grow its existing services, such as remittances and mobile top-ups.
CEO Manuel Godoy explained the philosophy behind the shift. He stated that traditional financial institutions often start with the product they want customers to use, while Félix wants to start with the person.
Geographic reach
The company's service currently spans a significant portion of Latin America. The following table lists the eleven markets where users can send money.
The funding round positions the startup to challenge traditional financial service models for immigrant communities. The focus remains on a conversational interface built around the user's stated needs.
