a16z Backs Stablecoin Remittance Startup Félix Pago in $200 Million Funding Round
Summary
- Félix Pago said it raised $200 million through an a16z-led Series C round and a credit facility.
- Félix Pago said it has processed $8 billion across 11 Latin American countries through blockchain-based remittances using USDC, and that its user base has surpassed 6 million.
- Félix Pago said it will use the new funds for artificial intelligence (AI) and financial infrastructure expansion, broader lending and savings services, and the development of AI agents.
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Félix Pago, a stablecoin remittance startup, has raised $200 million from investors including Silicon Valley venture capital firm Andreessen Horowitz, known as a16z.
According to BlockBeats on Sept. 2, the company said it had secured $200 million in new funding. The package includes an $87 million Series C round and a $113 million credit facility.
a16z led the Series C investment. QED Investors, Castle Island Ventures and Switch Ventures also joined the round. General Catalyst's Customer Value Fund provided the $113 million credit line.
Félix Pago offers a service that allows Latin American immigrants in the US to send money through WhatsApp. Users can request transfers by text or voice, and recipients receive the funds in local currency.
The remittance process uses blockchain technology and Circle's dollar stablecoin, USDC. Users do not have to buy USDC directly or manage a crypto wallet themselves.
Félix Pago has processed $8 billion in remittances across 11 Latin American countries to date. Its user base has surpassed 6 million, while revenue grew 2.5-fold over the past year, BlockBeats reported.
The company plans to use the new funds to expand its artificial intelligence and financial infrastructure. It also aims to broaden its business into lending and savings services based on transaction data from existing remittance customers, and to develop AI agents.
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul