On 1 September 2026 Félix Pago announced a USD 200 million Series C combining USD 87 million of equity and a USD 113 million credit line, at a valuation of about USD 1.4 billion. The company, headquartered in Miami and co-founded by Mexican Bernardo García, processes WhatsApp remittances settled in USDC and has Mexico as its main receiving market. The structure, equity for product and debt for the loan book, is what a fund expects from a fintech moving from payments into credit.
The transaction
Equity: USD 87 million led by a16z crypto. Debt: a USD 113 million line from General Catalyst’s Customer Value Fund, earmarked to fund the loan book. QED, Castle Island, Switch, Contour and Endeavor Catalyst participated. Valuation: about USD 1.4 billion (Startups Latam), against USD 484.5 million at the USD 75 million Series B led by QED in 2025. Terms of the line (tenor, cost, collateral): not disclosed.
Stated use: credit and savings for Latino immigrants in the United States, an AI financial assistant and new markets. Reported metrics: more than USD 8 billion processed, more than 6 million users in 11 countries, revenue up more than 2.5 times in the last year and about USD 300 million raised in total.
Value drivers
A remittance corridor with distribution on an existing channel. WhatsApp is the interface; the company builds no app and pays nothing for installs. In our reading, the acquisition cost implicit in that channel is part of what explains the valuation step-up.
Stablecoin settlement. Using USDC to settle remittances places Félix in the same thesis as ARQ (formerly DolarApp), which raised USD 70 million from Sequoia and Founders Fund in March 2026 with annualised volume above USD 10 billion. Having a16z crypto lead confirms that the infrastructure angle weighs on the price.
Debt separated from equity. The General Catalyst line funds the loan book without dilution; the Customer Value Fund is a vehicle that finances against recurring cash flows. In our reading, keeping the USD 113 million outside the equity prevents the round’s investment committee from paying valuation for a credit balance sheet.
Disclosed revenue growth. Revenue up more than 2.5 times in twelve months and valuation up about 2.9 times since the Series B (our own calculation on disclosed figures). The price followed revenue, not volume.
What the market is signalling
For fintechs serving the corridor between the United States and Mexico, the private valuation reference was set at about USD 1.4 billion for a platform with more than USD 8 billion processed. Revolut opened its bank in Mexico in January 2026 with remittances as a stated focus; competition for the corridor now includes a bank with a full banking licence and stablecoin-native platforms.
For Mexican founders, the case shows that a company headquartered outside Mexico with its receiving market in Mexico can raise from Silicon Valley funds with an equity-plus-debt structure. For lenders, the General Catalyst line shows that growth funds are willing to fund a dollar consumer book for an immigrant population once the platform has a payments track record.
G2’s reading for a mandate
When a payments company adds credit, the round is prepared on two tracks: an equity process that values the platform on revenue and a debt process that values the book on its performance. In our reading, negotiating both with the same data room and synchronised timelines, as Félix did with a16z and General Catalyst, prevents one term sheet from becoming a condition of the other.
Sources
- Crunchbase News, 1 September 2026: Fintech WhatsApp remittance startup Félix raises $200M from a16z, General Catalyst
- Startups Latam, 2 September 2026: Félix levanta US$200 millones en Serie C y alcanza el estatus de unicornio
- El Cronista México, 2 September 2026: Félix Pago levanta 200 mdd para transformar las remesas por WhatsApp
- LatamRepublic, 10 March 2026: DolarApp rebrands as ARQ after securing US$70 M from Sequoia and Founders Fund
- El Cronista, 27 January 2026: Revolut inicia operaciones con una capitalización al doble de lo exigido