Félix
Félix is a WhatsApp-based remittance platform for Latin American immigrants living in the United States.
Website: https://felixpago.com/en/
HQ: San Francisco, California, United States
Active Markets: Latin America
Problem Addressed
In the United States, remittances can still be a difficult and expensive process. Immigrants sending money back home face a number of challenges or barriers. People must travel to a money-transfer operator to send or receive a remittance; pay a transaction fee that can cost an average of $10 on a $300 ticket; or send or receive their remittances in physical cash, which can present safety concerns.
Project Description
Félix’s WhatsApp-based service uses behind-the-scenes blockchain payments rails and token exchanges allowing US migrants to transfer value back to their families in Latin America at lower costs and faster settlement times. Their service is designed to minimize friction, requiring only that users register with the platform before allowing them to transfer money by messaging a Félix chatbot on WhatsApp. Remitters pay Félix in USD which Félix then converts into USDC stablecoins, transferring tokens through the Stellar network. The project offramps into local currencies through Bitso — the largest crypto platform in Latin America. USDC is converted into Mexican pesos, for example, and transferred through local banking rails with direct access to individual bank accounts.
Business Data
Status: Active
Constituency Served: Immigrants
Networks: Stellar
Known Investors: Global Founders Capital, Wollef, H20 Capital, Switch VC, Unpopular Ventures, H20 Capital, Endeavor Miami
Additional References: The Crypto Chronicles: The Remittance Riddle
Progress to date
Félix has raised $19.1 million since 2023, with their most recent funding round completed in January 2024. In 2023, Félix entered in a partnership with international payment facilitator Checkout.com. Félix and Nubank Nu Mexico announced a partnership in January 2024 launching payment functionality accepting transfers from US residents in Mexico.
Business Model
Félix generates revenue through transaction fees on transfers and benefits from a spread on exchange rates.
Traction
According to their website, Félix has facilitated remittance transfers for over 10,000 Mexican users. Félix’s services decreased rates of transfer for user by 40%, lower transaction costs from $4.98 to $2.99 by using USDC instead of traditional bank transfers.