US-based money-transfer platform Felix Pago has raised $200m in a funding round to support its expansion beyond remittances.
According to a Bloomberg report, the company intends to move into financial services such as lending and savings for Latin American immigrants living in the US.
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The funding round was led by venture capital firm Andreessen Horowitz, Felix Pago said in a LinkedIn post. QED Investors, Castle Island Ventures, Switch Ventures, Contour Venture Partners and Endeavor also participated in the round.
“This funding will accelerate our evolution into a multi-product financial company built around our Cognitive Financial Companion, a conversational experience on WhatsApp designed to understand what our customers need, in their own words, and connect them with the right financial solution,” the company said in the post.
Founded in 2020, Felix operates a WhatsApp-based platform that enables Latino immigrants in the US to send international remittances to Latin America. The company recently added a mobile top-up feature, allowing users in the US to purchase phone plans for family members in their home countries.
It has processed more than $8bn in money transfers to date.
Currently, the platform operates in 11 countries, including Mexico, El Salvador, Colombia and Ecuador. It also plans to use part of the new proceeds to expand into additional markets such as Brazil and Venezuela.
Felix Pago CEO and co-founder Manuel J Godoy told Bloomberg in an interview: “This funding round stems precisely from the combination of what users tell us they need and our own ambition to serve them.”
“We want to build a Goldman Sachs-style experience for a user who has historically been completely underserved.”
