Felix Pago has secured $200 million in new funding as the remittance startup looks to expand its digital financial services beyond remittances, Bloomberg reported Tuesday.
The Series B financing includes $87 million of equity led by Andreessen Horowitz and $113 million in debt through a credit line from General Catalyst’s Customer Value Fund. QED Investors, Castle Island Ventures and Switch Ventures returned for the round, joined by Contour Venture Partners and Endeavor Catalyst.
Félix Pago has built a WhatsApp-based remittance service that allows users to send money from the US to family and friends across Latin America without downloading another app. Senders provide transfer details through chat and can pay by card or cash, while recipients receive the funds in local currency through a bank account or cash pickup.
Felix Pago says it has processed more than $8 billion in transactions. More than 6 million people have used the platform across the Americas, where the company operates in 11 countries including Mexico, El Salvador, Colombia and Ecuador.
The startup plans to use the fresh capital to move into financial products. Its roadmap includes lending and savings products, along with further investment in AI, engineering and financial infrastructure. The company also recently introduced mobile top-ups, allowing US-based customers to pay for phone plans for relatives in their home countries.
