OpenFX Secures $94 Million for Cross-Border Payments Expansion
OpenFX, a fintech infrastructure startup concentrating on cross-border payments, has successfully secured $94 million in a funding round that was spearheaded by Accel, Lightspeed Faction, M13, Northzone, and Pantera. This funding round values the startup at approximately $500 million. In May of the previous year, the company raised $23 million in an initial seed funding round. As indicated in a press release, the newly acquired capital will be allocated to expanding operations in Southeast Asia and Latin America, regions where the adoption of stablecoins is increasing rapidly.
About OpenFX and Its Mission
Established in 2024 by Prabhakar Reddy, OpenFX delivers infrastructure for instantaneous, 24/7 cross-border foreign exchange and payments. The platform is equipped with a stablecoin-native network that serves as a quicker and more cost-effective alternative to traditional banking methods, shortening settlement times to less than an hour. It primarily addresses B2B treasury and remittance needs.
Innovative Use of Blockchain Technology
OpenFX utilises blockchain-based currencies to facilitate faster and economically efficient transactions, especially for businesses managing substantial capital flows. By connecting conventional banking systems with digital infrastructure, it uses stablecoins as a means for near-instant foreign exchange conversion.
API Solutions and Cost Efficiency
The company provides API-driven solutions for foreign exchange, treasury management, and instant payouts tailored for fintechs, neobanks, and large enterprises. Operating non-stop, OpenFX asserts that it can cut costs by up to 90% compared to traditional banking systems while ensuring significantly quicker settlement times than the usual 2 to 5 day period.
Aiming for Seamless Global Transactions
OpenFX aspires to make the global movement of money as effortless as using the internet, focusing on addressing inefficiencies found in cross-border and high-volatility financial transactions. The company claims to operate across various countries, including the U.S., the U.K., the UAE, and India. Currently, it processes over $45 billion in annual payment volume, a notable increase from $4 billion a year ago, spurred by high demand from fintech firms, neobanks, remittance service providers, and payroll platforms.
In December 2025, OpenFX appointed Sourav Karmakar, a former executive at CoinDCX, to head its operations in India.