Startup Mx: Félix Pago

Félix is a chat-based digital platform that enables cross-border payments.
Startup Mx: Félix Pago

In the US, around 15% of Latinos salaries is utilized for remittances, sending money back to their family in their origin country (RefreshMiami).

Enter Félix Pago, founded in 2021.

Félix is a registered and regulated money transfer service that allows users to send money directly from their phone without downloading apps or registering for accounts. They have a rigorous AML process and budget-friendly transfer fees starting at $2.99.

Affordable Money Transfers for Immigrants Who Don't Want to Break the Bank

Félix is also very affordable. Transfer fees are much lower than the fees charged by traditional banks and money transfer services. Félix also offers a variety of other features that are beneficial to immigrants, such as the ability to send money to multiple recipients at once and the ability to track the status of your transfer in real time.

A Match Made in "Latino Financial Heaven"

Félix Pago has teamed up with Mercado Pago which is a popular payment platform in Latin America, to make money transfers for Latino families in the US easier and more affordable, with recipients gaining access to Mercado Pago's financial services.

Founding Team

Manuel Godoy 

Bernardo Garcia

What is Félix Pago?

Félix is a fast-growing money transfer company that is making it easier for immigrants to send money back home through a platform layered on "WhatsApp." The company is currently focused on scaling its operations and expanding its reach to more countries.

“We started Félix to facilitate the life of millions of Latinos who live in the United States that send money abroad.” - Manuel Godoy (Felix)

Quicks Facts about Félix:

  • The company is growing at an average of 30% month-over-month.
  • Félix has sent tens of millions of dollars to Mexico alone.
  • It has thousands of users across the US, with major hotspots in California, Texas, and Illinois.
  • Users can currently send money to Mexico, Guatemala, and Honduras, with Nicaragua and El Salvador coming soon.
  • Embedded customer support into its platform, providing "American Express Platinum-level service" to its users.
  • Félix is able to provide this customer service at scale due to the AI-powered nature of its WhatsApp chatbot.
  • Félix now has a team of 19 people. (RefreshMiami)

Funding

FélixPago has raised a total funding amount of $7.8M.

2023, $5.3M (Extension round) led by Endeavor Miami including Unpopular  ventures, H20 Capital, Wollef VC.

2021, 2.5m (Pre seed), Undisclosed

Market Opportunity

Latin America is a growing market with a population of almost 700 million people. The region is also relatively underbanked, with only about 50% of adults having a bank account (World Bank).

“As immigrants, we understand how difficult it can be to live in a foreign country and work hard to make sure our family is provided for. That's why we created Félix, to make it easier for immigrants to send money back home.” - Bernardo Garcia (Felix)

This presents a large opportunity for Félix Pago to provide financial services to people who are currently underserved by traditional banks. Other growth opportunities could include partnerships with platforms such as Comun, a platform that facilitates digital banking services for Latinos in the US.

In Mexico alone, the e-commerce market is expected to grow to $40 billion by 2025 (Statista). It is estimated that the value of the e-commerce market could reach over 500B in LATAM by 2025 (Electronic Payments).

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