Finanta Credit Union has partnered with Félix to offer members a secure, messenger app-based process for sending money to families in Latin America, marking Felix's first partnership with a U.S. credit union.
Through this partnership, Finanta members can send money instantly, at a low cost, and through an institution they already trust rather than navigating unfamiliar money transfer services or potentially falling prey to scams, the credit union said.
"This partnership with Félix strengthens our ability to provide safe, accessible financial tools to the communities we serve," Daniel Betancourt, CEO of Finanta, said. "Thanks to this collaboration, our credit union extends its offerings to our members so they can safely send support back home while saving money."
For Finanta members, the first transaction will be free. After that, they will be charged a $2.99 fee for cash transfers and $4.99 fee for cash pick-up.
"Félix grew out of working directly with Latino families in Philadelphia who needed a safer, simpler way to support loved ones abroad," Claudia Garavini, vice president of strategy and business development at Félix, said. "Partnering with Finanta extends that same community-rooted approach through a trusted local institution."
Félix operates through WhatsApp, an app used by an estimated 90% of Latin Americans, according to the financial services company. Finanta members can send money instantly through Félix and see the transaction confirmed in real time.
Headquartered in Lancaster, Pa., Finanta Credit Union was established in 2022 by Finanta, a nonprofit Community Development Financial Institution. It has $35.2 million in assets.
Félix is a Philadelphia-founded financial services company that enables Latino users in the United States to send money to their family abroad directly through WhatsApp. Founded in 2021 by two Latino immigrants, the company has grown across the U.S and Latin America and is now based in Miami.
Joyce Moed can be reached at joyce.moed@arc-network.com.
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