Chat-Based Platform Felix Concludes A Series B Round With $75 Million Raised
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A popular chat-based platform Felix, which uses WhatsApp and stablecoins to allow Latino immigrants to send money abroad, recently concluded a Series B funding round. The round managed to secure $75 million in equity and growth financing, and it was led by QED Investors.
Other participants included a number of entities from the financial industry, including General Catalyst Customer Value Fund, Switch Ventures, Monashees, Castle Island, Endeavor Catalyst, and HTwenty.
How Does Felix’s Service Work?
Felix is a relatively young company founded in 2020. It was created by a Mexican Bernardo Garcia and Venezuelan Manuel Godoy. It operates in the United States, Guatemala, Honduras, El Salvador, and Mexico, and its purpose is to help immigrants in the US send money back home using a simpler, faster, cheaper, and more direct method than traditional channels.
The company relies on artificial intelligence to facilitate money transfers using a chatbot. Its customers can initiate WhatsApp transactions simply by indicating, either in writing or via voice notes, how much money they wish to send. They can select the recipient using the same method.
Only the last step of the process requires them to enter their debit card details by using a secured link in order to confirm the transaction. In the background, the platform uses Circle’s USDC stablecoin to reduce currency exchange costs and make transactions faster and cheaper than what users can get from SWIFT.
Felix’s CEO, Manuel Godoy, stated that cryptos are powerful enablers of remittances, but Felix’s goal is to simplify their use for the users. “Users aren’t interested in how the money crosses borders—they simply want their money, quickly, affordably, and reliably in their local currency. Cryptocurrencies make this possible,” he noted.
True to its word, Felix processed more than $1 billion in remittances in the past year alone. It also attracted over 250,000 new users, and it managed to keep its Net Promoter Score above 90. Before that, the firm saw a major 12x revenue increase between 2023 and 2024, with a 20% month-over-month growth across its markets.
