OpenFX Raises $94 Mn to Power the Next Generation of Cross-Border Payments with Stablecoin Infrastructure

OpenFX has raised $94 million in a new funding round led by Accel, alongside participation from Lightspeed Faction, M13, Northzone, and Pantera Capital. The round values the company at approximately $500 million, highlighting strong investor confidence in its vision to redefine cross-border financial infrastructure.

Founded in 2024 by Prabhakar Reddy, OpenFX is building a stablecoin-native network designed to modernize foreign exchange (FX) and global payments. At its core, the platform provides API-driven infrastructure that enables businesses to execute instant, 24/7 cross-border transactions, eliminating the inefficiencies of traditional banking systems.

The fresh capital will be used to expand OpenFX’s presence in high-growth regions such as Southeast Asia and Latin America, where demand for faster, more cost-effective remittance and FX solutions is rapidly increasing. These markets, often burdened by high transaction fees and delayed settlements, present a significant opportunity for disruption through blockchain-powered systems.

OpenFX operates at the intersection of traditional finance and decentralized technology by integrating banking rails with stablecoin-based transactions. This hybrid approach allows the platform to significantly reduce settlement time, from days to under an hour, while cutting transaction costs by up to 90% compared to conventional systems.

The company is primarily targeting B2B use cases, including treasury operations and remittance services, where speed, transparency, and cost efficiency are critical. By offering seamless APIs, OpenFX enables enterprises and financial institutions to embed real-time FX and payment capabilities directly into their systems.

Already, the platform is demonstrating strong traction, processing over $45 billion in annualized payment volume across key global markets such as the United States, the United Kingdom, the United Arab Emirates, and India. This rapid adoption underscores the growing need for next-generation financial infrastructure that can keep pace with global business demands.

With robust backing, cutting-edge technology, and a clear global expansion strategy, OpenFX is well-positioned to become a key player in the evolution of cross-border payments. As businesses increasingly demand real-time, low-cost financial solutions, OpenFX is building the rails that could define the future of global money movement.