Felix Pago Secures $75 Million in Series B Funding Led by QED Investors to Expand Remittance Services
Felix Pago, a Miami based remittance startup, has successfully raised $75 million in a Series B funding round, with QED Investors leading the investment. This significant capital infusion will enable the company to broaden its operations into Colombia, Ecuador, and Peru, as well as introduce new financial products, including credit offerings and savings accounts.
Founded in 2020, Felix Pago has quickly established itself in the remittance market by leveraging popular messaging platform WhatsApp for its services. In 2024 alone, the startup processed over $1 billion in transfers, catering to customers in Mexico, El Salvador, Guatemala, Honduras, and the Dominican Republic. With its innovative approach, Felix Pago aims to disrupt traditional remittance giants like Western Union and MoneyGram, which dominate the $160 billion Latin American remittance market.
The company is also exploring potential acquisitions to expand its range of financial services, further enhancing its competitive edge. Although Felix Pago has not disclosed its current valuation, it has indicated that it is approaching unicorn status, a milestone that signifies a valuation of $1 billion or more.
Despite facing increasing regulatory scrutiny in the United States, Felix Pago continues to experience robust growth, reporting a 20% monthly increase in transaction volume. The average transfer amount stands at $290, with the company utilizing stablecoins like USDC to facilitate faster and more efficient processing of transactions.
With this latest funding round, Felix Pago is well-positioned to enhance its service offerings and expand its footprint in the rapidly evolving fintech landscape, ultimately aiming to provide a more accessible and efficient remittance solution for users across Latin America.
Founded in 2020, Felix Pago has quickly established itself in the remittance market by leveraging popular messaging platform WhatsApp for its services. In 2024 alone, the startup processed over $1 billion in transfers, catering to customers in Mexico, El Salvador, Guatemala, Honduras, and the Dominican Republic. With its innovative approach, Felix Pago aims to disrupt traditional remittance giants like Western Union and MoneyGram, which dominate the $160 billion Latin American remittance market.
The company is also exploring potential acquisitions to expand its range of financial services, further enhancing its competitive edge. Although Felix Pago has not disclosed its current valuation, it has indicated that it is approaching unicorn status, a milestone that signifies a valuation of $1 billion or more.
Despite facing increasing regulatory scrutiny in the United States, Felix Pago continues to experience robust growth, reporting a 20% monthly increase in transaction volume. The average transfer amount stands at $290, with the company utilizing stablecoins like USDC to facilitate faster and more efficient processing of transactions.
With this latest funding round, Felix Pago is well-positioned to enhance its service offerings and expand its footprint in the rapidly evolving fintech landscape, ultimately aiming to provide a more accessible and efficient remittance solution for users across Latin America.
