Félix raises $200m for expansion
Félix, a chat-based financial platform for Latino immigrants, has raised $87 million in equity and $113 million in debt to develop new lending and savings products.
Félix has raised a total of $200 million in new funding to expand its financial services. The chat-based platform, which uses WhatsApp to help Latino immigrants in the US send money abroad, plans to add lending and savings products.
The $200 million total comprises an $87 million Series C equity round and a new $113 million credit facility. The equity funding was led by Andreessen Horowitz, with participation from QED Investors, Castle Island Ventures, Switch Ventures, Contour Venture Partners, and Endeavor Catalyst. General Catalyst provided the debt facility.
Platform and operations
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 countries.
The startup uses an AI chatbot to facilitate money transfers via WhatsApp. Users initiate transactions by writing or sending a voice note stating how much to send and to whom. Debit card details are entered only at the final step via a secured link.
Behind the scenes, Félix uses Circle’s USDC stablecoin to lower currency exchange costs. The company states this makes transactions significantly cheaper and faster than traditional Swift methods. It claims to have processed more than $8 billion for over six million people.
Funding and expansion plans
With the new funding, Félix plans to develop into a multi-product financial company built around its AI bot, which it calls a Cognitive Financial Companion. This expansion could include lending and savings products offered through third-party partnerships. The firm also intends to expand existing services like remittances and mobile top-ups.
Leadership and vision
Manuel Godoy, CEO of Félix, explained the company's philosophy. When I came to the US, even getting a small loan was harder than it should have been. Traditional financial institutions often start with the product they want you to use. We want to start with the person.
The platform's current operational reach includes the following Latin American markets:
Félix's model centers on a conversational interface. The goal is to build a broader suite of financial tools accessible through simple chat commands.
