Félix, a Miami-based financial technology company serving Latino immigrants, has raised $200 million in Series C funding. The round combines an $87 million equity investment led by Andreessen Horowitz with a $113 million credit facility from General Catalyst's Customer Value Fund. The company intends to use the capital to expand its product suite, strengthen its technology, and enter additional Latin American markets.
A Remittance Model Built on WhatsApp
Félix was founded in 2020 by Manuel Godoy and Bernardo García, two immigrants who met as MBA students at the Wharton School. The platform operates through WhatsApp, the dominant messaging app in Latin America, allowing customers to send transfers through conversation. Users can pay by card or cash, and recipients collect funds in local currency through bank accounts or cash pickup.
Strong Traction and Expanding Reach
The company reports processing more than $8 billion in transactions for over six million people across 11 Latin American markets. Revenue grew more than 2.5 times year over year, and most new users arrive through word of mouth and referrals rather than paid marketing. Félix currently serves markets including Mexico, Brazil, Costa Rica, Honduras, and Peru, with further expansion planned across the region.
Funding Structure and Investor Support
The equity portion of the round attracted participation from QED Investors, Castle Island Ventures, Switch Ventures, Contour Venture Partners, and Endeavor Catalyst. General Catalyst's Customer Value Fund contributed the $113 million credit facility to support growth and future lending. Félix has now raised nearly $300 million in total and said its valuation increased threefold since its Series B, placing the company in unicorn territory.
Beyond Remittances: A Cognitive Financial Companion
Félix is evolving from a remittance service into a broader financial platform. The company describes its WhatsApp-based assistant as a cognitive financial companion that interprets ordinary language and matches customers with relevant products. The credit facility is expected to support savings, loans, and other services, while Félix recently introduced mobile phone top-ups for relatives abroad.
Founders Motivated by Personal Experience
Godoy said he experienced the problem personally, recalling that even getting a small loan in the United States was harder than it should have been. He noted that traditional institutions start with the product, while Félix begins with the person, adding, "You tell Félix what you need, and we help you figure out the rest." García, a former Uber and McKinsey leader, helped shape the WhatsApp remittance flow the two pitched as students at Wharton.
Market Opportunity and Competitive Landscape
U.S. Latino economic output is estimated at roughly $4 trillion annually, yet many households remain underserved by mainstream financial institutions. The remittance flow from the United States to Latin America exceeds $160 billion a year, and much of it still moves through physical cash networks. Félix's WhatsApp interface and stablecoin-based settlement allow it to compete with incumbents such as Western Union, MoneyGram, Remitly, and Wise on cost and convenience.
With the new financing, Félix is positioned to compete in a large and growing remittance market while building lasting financial relationships for a population traditional finance has often overlooked. Its move into credit, savings, and additional markets will test whether conversational AI and stablecoin rails can deliver a more inclusive experience. The company's ability to combine a familiar chat interface with faster, lower-cost settlement may determine how far beyond remittances it can go.