a16z Backs Félix Pago in $200 Million Funding to Expand Services
Summary
- Félix Pago said it raised $200 million through a Series C round led by a16z and a credit facility.
- Félix Pago said it offers a WhatsApp-based remittance service using blockchain and Circle's dollar stablecoin (USDC).
- Félix Pago said it will use the new funding to expand into artificial intelligence (AI) and financial infrastructure, including lending and savings services.
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Félix Pago, a stablecoin remittance startup, has raised $200 million from investors including Silicon Valley venture capital firm Andreessen Horowitz, known as a16z.
BlockBeats and other outlets reported on September 2 that the company had secured $200 million in new funding. The financing includes an $87 million Series C round and a $113 million credit facility.
a16z led the Series C round. QED Investors, Castle Island Ventures and Switch Ventures also took part. General Catalyst's Customer Value Fund provided the $113 million credit line.
Félix Pago offers a service that allows Latin American immigrants living in the US to send money through WhatsApp. Users can request transfers by text or voice, while recipients receive the funds in local currency.
The remittance process uses blockchain technology and Circle's dollar stablecoin, USDC. Users do not directly buy USDC or manage crypto wallets themselves.
Félix Pago has processed $8 billion of remittances across 11 Latin American countries to date. Its user base has recently topped 6 million, and its revenue has grown 2.5 times over the past year, the report said.
The company plans to use the new funding to expand its artificial intelligence and financial infrastructure. It also plans to move into lending and savings services based on transaction data from existing remittance customers and to develop AI agents.
