OpenFX, a fintech infrastructure startup specializing in cross-border payments, has raised $94 million in its Series A funding round. The round was led by investors including Accel, Lightspeed Faction, M13, Northzone, and Pantera, valuing the company at approximately $500 million.
This follows its earlier seed round of $23 million raised in May last year, marking a rapid scale-up in both funding and business momentum.
The company plans to deploy the newly raised capital to expand its presence in Southeast Asia and Latin America—regions witnessing increasing adoption of stablecoins—as well as to accelerate product development and operational capabilities.
Founded in 2024 by Prabhakar Reddy, OpenFX is building infrastructure for real-time, 24/7 cross-border foreign exchange and payments. Its platform is designed as a stablecoin-native network that offers a faster and more cost-effective alternative to traditional banking systems, reducing settlement times to under an hour compared to the conventional 2–5 day cycle.
OpenFX connects legacy banking frameworks with digital-native systems, using blockchain-based currencies as an intermediary layer for near-instant FX conversion. The platform primarily serves B2B use cases, including treasury management and remittances, enabling businesses to move large volumes of capital more efficiently.
Its API-driven solutions support fintech companies, neobanks, and enterprises with services such as foreign exchange, treasury operations, and instant payouts. The infrastructure operates continuously and claims to lower transaction costs by up to 90% while significantly improving settlement speed.
The platform provides liquidity across more than 40 trading pairs, with over 98 percent of transactions settling in under 60 minutes. This efficiency has contributed to rapid growth in adoption, with OpenFX currently processing more than $45 billion in annualized payment volume, a sharp increase from $4 billion a year earlier.
The company has established a global presence, with operations spanning the United States, the United Kingdom, the UAE, and India. As part of its expansion strategy, OpenFX appointed former CoinDCX executive Sourav Karmakar in December 2025 to lead its India business.
With its focus on leveraging stablecoins and blockchain technology, OpenFX aims to simplify global money movement, positioning itself as a modern alternative to traditional cross-border payment systems while addressing inefficiencies in high-volume and high-volatility financial transactions.
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