Foreign exchange startup OpenFX has raised $94 million in
fresh funding to expand its stablecoin-powered cross-border payments platform,
Reuters reported, citing people familiar with the matter. The round values the
company at around $500 million.
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Backing from Major Venture Firms
The funding was led by Accel, Atomico, Lightspeed Faction,
M13, Northzone, and Pantera. OpenFX, founded in 2024 by Prabhakar Reddy, a
former founder of crypto brokerage FalconX, is building infrastructure that
uses stablecoins to speed up and reduce the cost of foreign-exchange
transactions.
Reddy reportedly conceived the idea for OpenFX after
observing long queues at Western Union branches in Dubai. The company now connects
traditional banking networks with digital systems, allowing near-instant FX
conversion using stablecoins as the settlement layer.
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OpenFX said more than 98% of transactions on its platform
now settle within an hour, compared with two to five business days under
traditional methods. The startup reportedly processes over $45 billion in annualized
payment volume, up sharply from $4 billion a year ago, driven by demand from
neobanks, fintechs, and remittance providers.
The fintech plans to use the new capital to expand
operations in Southeast Asia and Latin America, where stablecoin usage is
growing. It currently operates in the United States, United Kingdom, UAE, and
India.
OpenFX has developed a real-time foreign-exchange
settlement network designed to replace traditional correspondent banking flows,
focusing on wholesale clients such as remittance firms, neobanks, brokerages
and global payroll providers rather than on direct-to-consumer transfers.
OpenFX Sharpens Institutional Focus
In the crypto payments and stablecoin gateway niche,
OpenFX’s backend FX and liquidity layer overlaps with firms like BVNK and
Bridge, which help companies adopt stablecoins as a payment rail and integrate
crypto into existing payment stacks. These players similarly focus on
converting between fiat and digital assets while offering compliance and
treasury tooling for international businesses.
Late last year, OpenFX has moved to deepen its institutional
operations by appointing Alex Rowles as its new Head of Trading and Risk,
adding a seasoned markets specialist just as cross-border payments and
stablecoin flows draw more regulatory and operational scrutiny.
Rowles joins OpenFX after a seven-year spell at LMAX, where he held senior roles at the trading venue and liquidity provider. He initially served as Head of Trading before moving into a Commercial Director position for the final two years of his tenure.
This article was written by Jared Kirui at www.financemagnates.com.
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