OpenFX raises $94m

Accel, Atomico, Lightspeed Faction, M13, Northzone, & Pantera joined the round for OpenFX, the brainchild of Prabhakar Reddy, who previously co-founded digital asset prime brokerage FalconX.

Founded in 2024, OpenFX connects traditional banking systems with digital-native infrastructure, using stablecoins as an intermediary settlement rail to enable near-instant FX conversion and cross-border settlement.

The platform provides institutional-grade liquidity across more than 40 trading pairs, with over 98% of transactions settling in under 60 minutes.

The startup claims to have already hit over $45 billion in annualized payment volume, driven by demand from fintechs, neobanks, remittance providers and global payroll platforms - including MoneyGram, Yellow Card, and alfred - seeking faster, lower-cost alternatives to legacy FX infrastructure.

The new funding will support OpenFX’s expansion into key Southeast Asian markets, where sophisticated domestic systems such as India’s UPI, Singapore’s PayNow, and Thailand’s PromptPay coexist with persistent cross-border friction.

The company will also deepen its Latin American corridors, building on strong adoption of its Mexican Peso, Brazilian Real, Colombian Peso, and Argentine Peso pairs across a region where stablecoin usage for cross-border payments continues to accelerate.

Says Reddy: “The global FX market processes more than $200 trillion annually, yet the core settlement infrastructure remains largely unchanged from decades ago.

“Institutions should not have to wait multiple business days to move capital across borders. We built OpenFX to deliver real-time, institutional-grade liquidity that reduces risk, lowers costs and allows capital to move as efficiently as the businesses behind it.”