Félix, a FinTech that connects people in the United States with family across Latin America through a conversational financial platform built on WhatsApp, has announced it has closed $200m in new funding led by Andreessen Horowitz and General Catalyst.
The raise comprises an $87m equity investment led by Andreessen Horowitz, with participation from QED Investors, Castle Island Ventures, Switch Ventures, Contour Venture Partners and Endeavor Catalyst. It also includes a separate $113m commitment from General Catalyst’s Customer Value Fund, which will support the company’s growth.
The fresh capital will be used to push Félix further into becoming a multi-product financial provider, built around what it calls its Cognitive Financial Companion, a conversational tool designed to interpret what a customer needs in their own words and match them with a suitable financial service.
Plans include building out lending and savings offerings through third-party partners, growing established services such as remittances and mobile top-ups, and putting more resources behind the artificial intelligence, engineering and financial infrastructure that underpins the platform.
Rather than sending customers between separate apps, menus and forms for each financial task, Félix folds these services into a single conversational interface on WhatsApp. The company starts with the outcome a customer wants to achieve and works backwards to the appropriate financial product, an approach it says is intended to help users make progress on more of their financial goals.
Félix has processed more than $8bn in transactions since launch and has grown revenue by more than 2.5 times over the past year. It currently links customers in the United States with relatives across eleven Latin American markets, namely Mexico, Guatemala, Honduras, El Salvador, Nicaragua, Colombia, the Dominican Republic, Costa Rica, Brazil, Ecuador and Peru, having processed transactions for more than six million people across the Americas.
The business began by focusing on remittances before adding mobile top-ups after customers asked for ways to keep relatives’ phones connected, and it has built out its payments and distribution network through relationships with Stripe, Checkout, Circle, Zerohash, Bitso, Uniteller, Dlocal and Mastercard.
Its branchless model allows it to direct investment towards engineering, artificial intelligence, compliance and financial infrastructure instead.
The company cites recent reports estimating the US Latino population at approximately 68 million people generating around $4.4tn in annual economic output, alongside Nielsen data suggesting Hispanic consumers are 29% more likely than the general population to use AI platforms, and Latino Donor Collaborative figures indicating Latino-owned businesses adopt AI at twice the rate of their peers.
Proceeds will also go towards expansion across Latin America and additional hiring in engineering, artificial intelligence and product development.
Félix co-founder and CEO Manuel Godoy said, “I experienced this problem personally. When I came to the U.S., even getting a small loan was harder than it should have been. Traditional financial institutions often start with the product they want you to use. We want to start with the person. You tell Félix what you need, in your own words, and we help you figure out the rest.”
Godoy said, “We don’t have to guess what our customers need next. They tell us. That has always been the secret to Félix: we build as close to our customers as possible. Latinos in this country have spent decades adapting to financial products that were never designed for them. We are building the opposite. With this funding, we will cement Félix as the Cognitive Financial Companion for a community traditional banks never built for. They should never have had to wait this long.”
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