OpenFX, a fintech startup focused on foreign-exchange market making and remittances, has raised $94 million in a series A funding round as it seeks to use stablecoins to speed up cross-border foreign exchange payments.
The round included Accel, Atomico, Lightspeed Faction, M13, Northzone and Pantera, and will be used to deepen liquidity, expand into new corridors and pursue growth in Southeast Asia and Latin America, the company said Tuesday. The raise comes as interest grows in stablecoins as a tool to cut costs and delays in global payments.
“The global FX market processes more than $200 trillion annually, yet the core settlement infrastructure remains largely unchanged from decades ago,” founder Prabhakar Reddy said, adding that he launched OpenFX in 2024 to address what he described as a gap in the FX market.
OpenFX is part of a new group of market infrastructure companies using blockchain-based currencies to move money faster, particularly for businesses transferring large sums across borders.
OpenFX targets Southeast Asia and Latin America expansion
OpenFX said it plans to use the new capital to expand into Southeast Asia and Latin America. The company currently operates in the United States, United Kingdom, the United Arab Emirates and India.
According to its website, OpenFX routes payments through a single liquidity network and says 90% of transactions settle in under 60 minutes, with 30% settling in under 10 minutes. The company also advertises 24/7 availability and pricing ranging from 0.01% to 0.3%.
In 2025, OpenFX said it raised $23 million in a funding round led by Accel, with participation from NFX, Lightspeed Faction, Castle Island Ventures, Flybridge, Hash3 and other strategic fintech investors.
Cointelegraph reached out to OpenFX for comment, but had not received a response by publication.
Stablecoins are “ChatGPT moment” for corporate crypto adoption
The deal reflects a wider industry argument that stablecoins are moving from crypto-native trading tools into mainstream corporate payments infrastructure.
Ripple CEO Brad Garlinghouse recently said stablecoins could mark a turning point for crypto adoption among businesses, calling them the sector’s “ChatGPT moment.” He said corporate leaders, including CFOs and treasurers at major firms, are actively exploring how to integrate stablecoins into operations, particularly for payments.
Industry data supports the growing interest. Stablecoins processed over $33 trillion in volume last year, while Bloomberg Intelligence estimates flows could grow at an 80% annual rate to reach $56.6 trillion by 2030.
Still, betting on stablecoin-based FX remains early and faces hurdles beyond speed. Stablecoin rules are diverging across major markets, with policymakers in places like the UK having debated restrictions such as holding limits, highlighting how licensing, compliance and banking access may slow adoption even if settlement technology improves.
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