Andreessen Horowitz (a16z) said on September 1 that it is leading the Series C equity raise for Félix, the WhatsApp-based remittance platform that settles most of its transfers in USDC. The announcement, published on the a16z crypto blog and authored by partners Ali Yahya and Noah Levine, is the venture firm’s latest bet on stablecoin-powered cross-border payments. Félix is aimed squarely at the U.S.-to-Latin America corridor, where much of the money still moves through costly, cash-heavy networks.
A WhatsApp-First Companion for Cross-Border Payments
Félix, founded by Manuel Godoy and Bernardo García, describes itself as an AI financial companion that recreates the comfort of a trusted local banker inside WhatsApp, the dominant messaging app across Latin America. Its conversational AI agent handles onboarding, transaction processing, and customer support, while the company settles most transactions in USDC and converts to local currency through a network of payout partners. Customers never interact with crypto directly, according to the firm.
Eight Billion Dollars Processed and Six Million Users
The startup reports it has processed more than $8 billion and now serves six million people across eleven markets, with most new users arriving through word of mouth rather than paid marketing. The founders, who met as MBA students at Wharton and are both immigrants, built the product around a corridor where sending money can still cost about 5% of a transfer, adding up to billions of dollars in annual friction. Around $161 billion was remitted to Latin America and the Caribbean in 2024, roughly 80% of it from the U.S., according to the announcement. Félix is part of a wider push into stablecoin remittances that has drawn payments and compliance firms alike.
Beyond Remittances Into Credit and Savings
a16z frames remittances as the first act of a larger opportunity. Félix plans to layer credit and savings products onto its existing relationships, targeting a U.S. Latino population that generates roughly $4 trillion in annual economic output yet remains underserved by traditional finance. Stablecoin rails, the firm argues, make it cheaper and faster to add lending, savings, and yield products than through the legacy banking system, as stablecoin payment rails keep drawing capital. The round’s size was not disclosed in the announcement.
