OpenFX, a FinTech company focused on transforming global financial infrastructure, has emerged from stealth with $23m in initial funding.
The company, founded by serial entrepreneur Prabhakar Reddy, aims to radically improve cross-border payments through real-time FX settlement capabilities.
The $23m round was led by Accel and supported by NFX, Lightspeed Faction, Castle Island Ventures, Flybridge, Hash3, and several strategic FinTech investors. The backing reflects strong confidence in OpenFX’s mission to tackle inefficiencies in the $200tn annual FX market.
OpenFX is developing a real-time, open FX network designed to reduce the cost and speed of international transactions. Its platform facilitates near-instant FX settlement, operating continuously without dependence on banking hours. By linking traditional finance with digital-native systems, OpenFX claims to make FX transfers 99% faster and up to 90% cheaper than conventional providers.
With the new funding, OpenFX plans to expand its platform into Latin America and Asia, broaden its regulatory footprint, and launch new treasury management solutions. The investment will also support the continued development of its infrastructure, which currently settles 90% of transactions in under an hour—well ahead of the 2–7 day industry average.
In the past year, OpenFX has scaled rapidly, growing from zero to $10bn in annualised transaction volume. The platform has been adopted by remittance firms, neobanks, brokerages, and global payroll providers. One customer reportedly reached $100m in transaction volume just 17 days after integration.
The company’s leadership includes veterans from major institutions and technology firms including PayPal, Slack, Kraken, Affirm, JP Morgan, and Microsoft. This depth of expertise underpins OpenFX’s goal of becoming the critical infrastructure powering cross-border payments in an AI-driven economy.
OpenFX founder and CEO Prabhakar Reddy said, “The $200 trillion annual FX market still runs on infrastructure designed in the 1970s, trapping approximately $4 trillion in working capital and extracting hundreds of billions in unnecessary fees annually.” He added, “We’re building the critical settlement infrastructure needed for the AI-driven economy, where money moves as freely as data—unrestricted by time zones, banking hours, or legacy systems.”
Accel partner Shekhar Kirani said, “OpenFX represents that rare combination of an exceptional founding team tackling a massive market inefficiency with institutional-grade infrastructure. They’re building what could become the AWS of global finance: secure, trusted infrastructure that developers and businesses can use to transform cross-border commerce.”
This is OpenFX’s first public funding round, and it marks a significant milestone in the company’s growth since launching quietly in early 2024.
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