OpenFX raises $94m to expand stablecoin payments network

OpenFX, a fintech startup focused on foreign exchange and remittances, has raised $94m in a Series A funding round to expand its stablecoin-based payments network.

The round was led by Accel, Atomics, Lightspeed Faction, M13, Northzone and Pantera. Existing investors Flybridge and Hash3 also participated.

The funding valued OpenFX at about $500m, a person familiar with the matter told Reuters.

Market infrastructure firms such as OpenFX are increasingly using blockchain-based currencies to enable faster and cheaper transactions, particularly for businesses moving large sums across borders.

Founder Prabhakar Reddy in a press statement said he conceived the company after seeing long queues outside Western Union branches in Dubai where people were waiting to collect money. He started OpenFX in 2024.

“People still pay 5-7% of their paychecks to send money home. Money that might have otherwise gone towards building a better life. Thirty years later, on the other side of a technological revolution that put supercomputers in everyone’s pocket – almost nothing had changed. That gap is where OpenFX began,” the statement read.

OpenFX aims to make money move “as freely as data”.

The company said it moved $500,000 in its first month of operations. It now moves more than $45bn a year across borders in real time, driven by demand from fintech firms, neobanks, remittance providers and payroll platforms.

Reddy’s previous ventures include crypto prime brokerage FalconX. He said more than 98% of transactions on OpenFX settle in under 60 minutes, compared with two to five business days in the legacy forex market.

OpenFX links traditional banking systems with digital infrastructure, using stablecoins as a bridge to support near-instant FX conversion.

The company employs 105 people across four continents. It said the new funding will be used to hire across product, engineering, operations and go-to-market.

OpenFX said the financing will also support expansion into Southeast Asia and Latin America, where stablecoin adoption is rising. It currently operates in the US, UK, UAE and India, and raised $23m last year.