Narayan AmmachchiUS fintech Félix Pago raised US$15.5 million in its latest funding round, bolstering its recent launch of a WhatsApp-enabled payment system which allows latino workers in the US to send money back to their home countries.
The Miami-based startup introduced its WhatsApp payment service in April after forming an alliance with Intermex. Félix Pago’s platform integrates into users’ existing WhatsApp accounts without requiring additional registrations or activations, charging fees as low as US$2.99.
Users in the US initiate transactions via the WhatsApp chatbot, completing the process by securely entering their debit card information. Recipients can then collect the money instantly in their local currency, either as a bank deposit or in cash at any of the numerous pickup locations.
The platform also uses stablecoins, which allows payment receivers to save significantly on foreign exchange fees and eliminates the need for pre-funding by the payers.
WhatsApp is widely used across Latin America, and remittances are a major source of revenue for many households, particularly in Central America. In 2023, remittances from the US to Latin America amounted to US$155 billion.
WhatsApp already received approval from banking regulators in Brazil and India for peer-to-peer transactions and the option for users to pay businesses through chat.
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