The audio and video are in Spanish. These notes are a translation.
Today I spoke with Manuel Godoy, co-founder and CEO of Félix Pago, a platform that lets people send money to Mexico, Guatemala, and Honduras through WhatsApp. Sixteen months after launch, Felix Pago processes more than $100M in annual remittances, with monthly revenue growth of 25%. To date, they have raised $21 million from investors such as Castle Island Ventures, MELI Capital, and Switch Ventures.
Youtube Timestamps*
[1:27] - Personal Story and Entrepreneurial Origins
Manuel used to take apart VHS players to understand how they worked.
- How did this technological curiosity influence his path toward entrepreneurship?
Manuel and his brother tried multiple ideas before creating Félix, from digital menus to financial bots.
- What did he learn from these experiences, and how did they prepare him for his current success?
Manuel reflects: “Don’t fall in love with the problem without talking to users.”
- How did this philosophy change the way he builds products?
[12:48] - Building Félix and Solving the Trust Problem
Leticia, his first user, did not trust sending money over WhatsApp, but her initial experience changed her perception.
- What did this story teach him about the trust challenges of building an innovative product?
Leticia went from skeptic to advocate for Félix, starting a viral effect.
- How did Manuel manage to take advantage of this phenomenon to scale initially?
Companies such as Western Union and Elektra have built trust over decades.
- What does Manuel think these companies have done well to earn users’ trust?
- What can startups learn from these practices?
Physical infrastructure remains key for remittance users in Latin America.
- Why does Manuel believe it is still relevant, and how does Félix balance innovation and tradition to meet these needs?
[21:38] - Culture, Marketing, and Growth
At Félix, technology automates a large share of interactions, but the human touch remains key.
- How does Manuel strike this balance to offer a magical and efficient experience?
Word-of-mouth recommendations have been key to Félix’s growth.
- What concrete actions has he implemented to boost recommendations from users?
Félix sends reminders at the right moments, such as payday, to encourage repeat use.
- What strategies has he found most effective for keeping users active?
WhatsApp is Félix’s central platform.
- What advantages and risks does Manuel identify in depending on this tool, and how does he manage them?
[39:13] - Raising Capital and Building Profitable Businesses
The remittance market is seen as saturated and low-margin.
- How did Manuel convince American investors of the opportunity Félix offers?
Optimizing margins was key from the earliest stages of the business.
- How did Manuel structure the business to improve margins and convince investors?
Crypto is used at Félix to optimize operating costs.
- How does he use this technology without confusing or driving away traditional users?
[48:34] - Latinos in the United States and Market Opportunities
Latinos in the U.S. represent one of the biggest opportunities for economic growth.
- What does Manuel think keeps this market underserved, and what are its key characteristics?
From access to credit to jobs and migration services, there are multiple unmet needs.
- What business opportunities does Manuel identify for serving the Latino population better?
Many entrepreneurs wonder whether they should create products for niches or for broader segments.
- How does Manuel recommend deciding between creating a product exclusively for Latinos or including them as a segment within a broader offering?
[53:59] - Rapid-Fire Question Round
- What is the most ambitious vision Manuel has for Félix over the next 10 years?
- What are the big strategic questions Manuel still faces at Félix?
- What advice that goes against the norm does Manuel have for the founders listening to him?
- What else should people ask Manuel about the importance of artificial intelligence at Félix?
Episode Mentions
You can find Manuel on LinkedIn
Discover More from the Startupeable Podcast
Listen to every episode at startupeable.com/podcast.
Subscribe to the newsletter to hear when a new one comes out.
Follow Enzo Cavalie on X: @enzocavalie.