US-based cross-border paytech Félix has scored $200 million in a mix of equity and debt as the company looks to “expand beyond remittances into AI-powered financial services”.

The investment includes an Andreessen Horowitz-led $87 million equity raise that also saw participation from QED Investors, Castle Island Ventures, Switch Ventures, Contour Venture Partners, and Endeavor Catalyst. Additionally, Félix also secured a $113 million credit line commitment from General Catalyst’s Customer Value Fund.

The funding builds on the firm’s $75 million Series B last year, and its $15.5 million Series A in 2024.

Founded in 2020 by Manuel Godoy and Bernardo Garcia, Félix was created as a WhatsApp-based remittance solution for the Latino diaspora in the US to send funds back to Latin America (LatAm). Its userbase has now grown to over six million people.

Users initiate transactions in WhatsApp through Félix using debit and credit cards or cash in stores. Without leaving the messaging app, the money is sent directly to a family member’s bank account. Since launch, the platform has processed more than $8 billion.

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Now with its new funding, the firm plans to expand its product suite, highlighting lending and savings as areas of interest. In addition to its flagship remittance solution, these new offerings would complement its recently launched mobile top-up service that enables users in the US to top-up mobile credit and data remotely for their families in LatAm.

Félix is also looking to broaden its use of AI in the platform, building out its product offering around its Cognitive Financial Companion, a service the paytech describes as a “conversational experience designed to understand what customers need in their own words and connect them with the appropriate financial service”.

Additionally, some capital has also been earmarked for talent acquisition and geographic expansion. Currently operating with a presence in 11 LatAm markets, including Mexico and Colombia, Bloomberg reports that Félix seeks to further expand into Brazil and Venezuela.