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FollowingAndreessen Horowitz (a16z) announced on September 1 that it will lead the Series C equity financing of WhatsApp-based remittance platform Félix. Most transfers from the platform are settled through USDC. The investment is the venture capital firm's latest bet in stablecoin-driven cross-border payments. Félix is clearly targeting the U.S. -Latin America remittance channel, where large amounts of money still flow through costly, cash-dependent networks.
WhatsApp Priority Companion for Cross-Border Payments
Félix was founded by Manuel Godoy and Bernardo García. It claims to be an AI financial companion that recreates the experience of a trustworthy local bank employee in WhatsApp, the most mainstream messaging app in Latin America. Its conversational AI agent handles user registration, transaction processing and customer support, while the company settles most transactions through the USDC and converts funds into local currency through a network of payment partners. According to the company, customers do not need to have direct contact with cryptocurrency throughout the entire process.
Processes US$8 billion and serves 6 million users
The startup reported that it has processed more than $8 billion in transactions and now serves 6 million users in 11 markets, with the majority of new users being acquired through word-of-mouth rather than paid marketing. The two founders-Wharton Business School MBA alumni and both immigrants-built products around a channel where remittance costs still account for about 5% of the transfer amount, creating billions of dollars in transaction friction every year. According to data cited in the announcement, the amount of remittances to Latin America and the Caribbean in 2024 will be approximately US$161 billion, of which approximately 80% comes from the United States. Félix is part of a broader landscape in the stablecoin remittance space that attracts payment companies and compliance companies to participate.
Go beyond remittances to credit and savings
a16z sees remittances as the prelude to greater opportunities. Félix plans to superimpose credit and savings products on top of its existing customer relationships, targeting the Hispanic community in the United States-a group that generates approximately $4 trillion in economic output every year but has long been ignored by traditional financial services. a16z believes that the stablecoin channel supports the addition of loan, savings and income products more cheaply and quickly than the traditional banking system, because the stablecoin payment channel continues to attract capital. The specific amount of this financing round was not disclosed in the announcement.
