Félix Pago Secures $15.5M So Workers Can Send Money To Latin America Via WhatsApp

Félix Pago, a fast-growing fintech startup, has recently raised $15.5 million in a Series A funding round to enhance its services across Latin America and the US, according to TechCrunch.

Revolutionizing Remittances With WhatsApp

Félix Pago’s approach leverages WhatsApp as its main interface, with a chatbot that makes it simple to send and receive cross-border money transfers, even with a voice message.

This choice is strategic, given WhatsApp’s extensive regional user base. 

Users in the US initiate transactions via the WhatsApp chatbot, completing the final step by securely entering debit card information. 

Recipients can then collect the money instantly in their local currency, either as a bank deposit or in cash at one of the many pickup locations in Mexico, Guatemala, and Honduras.

One of Félix Pago’s standout features is its use of Circle’s USDC stablecoin, which enables significant savings on foreign exchange and reduces pre-funding needs. 

This allows Félix Pago to offer the first transaction for free and charge only $2.50 for subsequent transfers to Guatemala and Mexico. 

This cost-effective model starkly contrasts the higher fees and slower processing times associated with traditional SWIFT transactions.

Strategic Partnerships And Future Growth

Félix Pago’s growth has been further increased by strategic partnerships, such as with Mercado Libre and Nubank. 

These collaborations have significantly increased their user base, contributing to a monthly growth rate of 30%. 

The company also engages in influencer marketing and utilizes Facebook to reach its target audience, primarily blue-collar Latine professionals in the US.

With the new funding, Félix Pago plans to expand into El Salvador and Nicaragua, followed by the Dominican Republic and Colombia. 

Their ultimate vision is to become a trusted financial companion for Latine immigrants in the US, offering services beyond remittances, such as credit-building tools.