OpenFX, a fintech infrastructure startup focused on cross-border payments, has raised $94 million in a funding round led by Accel, Lightspeed Faction, M13, Northzone, and Pantera.
The round values the company at around $500 million. It had previously raised $23 million in a seed funding round in May last year.
According to a press release, the fresh capital will be used to expand into Southeast Asia and Latin America, where stablecoin adoption is growing rapidly.
Founded in 2024 by Prabhakar Reddy, OpenFX provides infrastructure for instant, 24/7 cross-border foreign exchange and payments. The platform offers a stablecoin-native network designed as a faster and cheaper alternative to traditional banking systems, reducing settlement times to under an hour. It primarily caters to B2B treasury and remittance use cases.
OpenFX leverages blockchain-based currencies to enable faster and more cost-efficient transactions, particularly for businesses handling large volumes of capital. It connects traditional banking systems with digital infrastructure, using stablecoins as a bridge for near-instant FX conversion.
The company offers API-based solutions for FX, treasury management, and instant payouts for fintechs, neobanks, and enterprises. Its infrastructure operates round-the-clock and claims to reduce costs by up to 90% compared to traditional banking systems, while delivering settlement speeds that are significantly faster than the typical 2–5 day cycle.
OpenFX aims to make global money movement as seamless as the internet, targeting inefficiencies in cross-border and high-volatility financial transactions.
The company claims to operate across the U.S., the U.K., the UAE, and India. It currently processes over $45 billion in annualized payment volume, up from $4 billion a year ago, driven by strong demand from fintech firms, neobanks, remittance providers, and payroll platforms.
In December 2025, OpenFX appointed former CoinDCX executive Sourav Karmakar to lead its India business.
