Founders: Manuel Godoy, Bernardo García
Funds raised: $23.3M through Series A
Investors include: Castle Island Ventures, Switch Ventures, HTwenty Capital, Contour Venture Partners, and MELI Capital
Website: felixpago.com
Stablecoin story: Felix
Stablecoin use case
US-based users can send remittances to family in Latin America in three simple steps. Users first text a message to the Félix WhatsApp line and receive a response from an AI bot asking for transaction details and the name of the beneficiary. Using a secure link, the sender makes a US dollar payment with a debit card. Once the payment hits the Félix Pago account, it is converted into USDC, a USD-pegged stablecoin, and then instantly converted into local currencies such as the Mexican peso. Recipients can immediately receive the payment in their bank account or the next day with in-store pickup.
Using stablecoins allows Félix Pago to keep fees lower and faster than SWIFT, with transactions completed in minutes, not days, at any time or day of the week.
Statistics
- Currently available in Mexico, Guatemala, and Honduras with future expansion to El Salvador and Nicaragua, followed by the Dominican Republic and Colombia (https://techcrunch.com/2024/05/28/felix-pago-raises-15-5-million-to-help-latino-workers-send-money-home-via-whatsapp/)
- Growing roughly 30% month over month
- Most users are Latino professionals in construction, food, and home services.
