Félix has raised $200 million in new financing in a Series C led by Andreessen Horowitz, with support from General Catalyst’s Customer Value Fund, as the fintech expands its financial services platform for Latino consumers.
Additional investors participating in the financing include QED Investors, Castle Island Ventures, Switch Ventures, Contour Venture Partners and Endeavor Catalyst.
The funding marks a significant expansion for Félix, which began by focusing on remittances and is now building a broader financial platform designed around the needs of Latino consumers in the U.S.
Félix was founded after its team identified the difficulties many Latinos encounter when navigating the U.S. financial system, including obtaining access to basic lending and other financial services.
The company initially focused on remittances, recognizing international money transfers as one of the most important financial needs for the communities it serves.
Since launching, Félix has processed more than $8 billion in transactions and says its services have reached or impacted more than six million people.
The company is now expanding beyond remittances with a strategy centered around what it calls a Cognitive Financial Companion.
Rather than requiring customers to begin with a specific financial product, form or application, Félix wants users to be able to describe what they are trying to accomplish in their own words.
The platform is being designed to understand a customer’s context, identify potential financial options and simplify the steps required to take action.
Félix’s longer-term goal is to provide a broader financial experience spanning multiple products and services while maintaining a conversational interface.
The company said it wants to deliver a level of financial guidance and capabilities comparable to what sophisticated financial institutions provide, while making the experience significantly easier to access.
The $200 million Series C gives Félix additional capital to continue building out that platform, expand its products and strengthen the technology underlying its financial services.
Andreessen Horowitz’s Ali Yahya and the broader a16z team led the Series C. General Catalyst’s Customer Value Fund also provided support alongside Félix’s existing and new investors.
KEY QUOTES:
“This is a major milestone. More importantly, it gives us the fuel to build the financial company Latinos deserve.”
“Our ambition is to deliver a Goldman Sachs-level financial experience, with the simplicity of a conversation, to people the financial system has historically overlooked.”
“We do not have to guess what our customers need next. They tell us. Our job is to listen, earn their trust, and build something magical for them.”
Manuel J. Godoy, Co-Founder and CEO of Félix
