Felix Pago raises $200 million with a16z as lead investor

Felix Pago, a startup that handles money transfers through WhatsApp using stablecoins and blockchain infrastructure, is raising $200 million in a Series B funding round. Andreessen Horowitz leads the equity round with $87 million, while General Catalyst provides a credit line of $113 million through its Customer Value Fund. The Miami-based company wants to use the funding to expand into loans and savings products for Latin American immigrants in the United States. Bloomberg reports.

In short:

• Felix Pago raises $200 million in a Series B round, with Andreessen Horowitz as the largest shareholder.
• The company has processed more than $8 billion in remittances via WhatsApp to date.
• Felix Pago plans to expand into loans, savings products and an AI-based financial assistant.

Stablecoins and WhatsApp as a foundation for cross-border payments

Felix Pago offers Latin American immigrants in the US the ability to send money to family in their home country through a platform that works entirely within WhatsApp. Behind the scenes, the company uses stablecoins and blockchain infrastructure to settle payments.

So far, Felix Pago has processed more than $8 billion in remittances. That scale makes the company one of the larger players in the world of stablecoin-based remittances. Stablecoins are playing an increasingly important role in this, as also reflected in broader discussions about their function in international payments, as Blockchainstories previously reported.

Expansion into loans, savings and AI

With the new funding, Felix Pago wants to go beyond just money transfers. The company announces investments in artificial intelligence, engineering and financial infrastructure. One of the concrete plans is the development of an AI-based financial assistant that helps users with everyday financial decisions.

In addition, Felix Pago is introducing mobile credit that allows users in the US to purchase phone plans for family members abroad. Previous investors such as QED Investors, Castle Island Ventures and Switch Ventures also participated in the new round, along with Contour Venture Partners and Endeavor Catalyst.