Félix Raises $200M to Expand Remittance Services Amid Growing Competition

Félix, a Miami-based startup that allows Latin American immigrants to send money home through WhatsApp using USDC for settlement, has raised $200 million in a round led by Andreessen Horowitz. The company plans to use this funding to launch its lending product and expand its services.

The round values Félix at $1.4 billion, nearly three times its previous valuation of $484.5 million. Founded in 2020 by Manuel Godoy and Bernardo García, Félix aims to solve an operational problem rather than a speculative one: settling transfers on USDC lets the company skip the correspondent-banking chain that makes traditional remittances slow and expensive.

The market for remittances is large and inefficient, with Latin America and the Caribbean receiving $173.7 billion in remittances in 2025, and Mexico alone accounting for over $62 billion. The average cost of sending $200 across borders sits at 6.36%, more than double the United Nations' 3% target.

However, a new US federal excise tax of 1% now applies to cash-funded international transfers, while digital transfers are exempt. This change sharpens the competitive arithmetic for Félix and other digital-rail platforms like Bitso, which has shown that compressing costs is real.