Remittance start-up Félix Pago bags $15.5m Series A funding
Félix Pago, a chat-based platform built to enable Latino workers in the US to send money abroad via WhatsApp, has raised $15.5 million in a Series A funding round.
Félix Pago lands $15.5m investment
TechCrunch reports that the round was led by Massachusetts-based VC firm Castle Island Ventures with additional support from previous backers including Switch Ventures, HTwenty, MELI Capital, and Contour.
Founded in 2021, Félix says its platform leverages blockchain and AI technology to provide Latino workers in the US “with an easy and reliable way to send money home” using the popular messaging service WhatsApp. Users can text Félix via WhatsApp to start an instant money transfer, which can be deposited directly to a bank account or “withdrawn in cash in thousands of stores”.
Announcing the funding via a LinkedIn post, the company says the new investment is a “significant milestone”, with plans to use the cash to “enhance our services and expand our reach”.
According to TechCrunch, the Miami-based start-up, which currently enables remittances to Mexico, Guatemala, and Honduras, plans to enter the markets of El Salvador and Nicaragua next followed by Colombia and the Dominican Republic, and eventually the rest of Latin America.
