Finance
Fx Payments Startup OpenFX Raises $94 Million Amid Cross-Border Stablecoin Push
Published by Global Banking & Finance Review®
Posted on March 31, 2026
3 min readLast updated: March 31, 2026
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OpenFX, founded in 2024 by Prabhakar Reddy, raised $94 million in a funding round led by Accel, Lightspeed Faction, M13, Northzone, and Pantera, raising its valuation to around $500 million, as it accelerates its cross‐border stablecoin‑powered FX infrastructure.
FX payments startup OpenFX raises $94 million amid cross-border stablecoin push
OpenFX secures major funding to accelerate cross-border payments innovation
By Manya Saini and Anirban Sen
Funding round details and investor interest
NEW YORK, March 31 (Reuters) - OpenFX, a startup that focuses on foreign-exchange market making and remittances, on Tuesday raised $94 million in a funding round led by several venture capital firms, as it looks to use stablecoins to speed up cross-border payments.
The capital raise, led by investors including Accel, Atomico, Lightspeed Faction, M13, Northzone and Pantera, comes amid growing interest in using stablecoins to modernize cross-border payments and overcome high costs and transfer delays.
The funding round valued OpenFX at about $500 million, according to a person familiar with the matter.
Market infrastructure and blockchain adoption
Market infrastructure firms such as OpenFX are using blockchain-based currencies to offer faster and cheaper transactions, particularly for businesses moving large sums of capital.
Origins and vision of OpenFX
Founder’s inspiration and company launch
The company's founder Prabhakar Reddy got the idea of launching OpenFX after seeing long queues of people waiting outside Western Union branches in Dubai to collect money. Reddy started OpenFX in 2024.
Addressing inefficiencies in large-scale transfers
"You can easily do transfers for anywhere between $1,000 and $100,000 - but the minute you tried to do anything between $1 million and $10 million clip sizes, you eat through the order book," said Reddy in an interview.
"There are very few people in the world who are actually willing to pay 2% to 5% to move USD to euro - so that's when I realized that the infrastructure was broken."
Previous ventures and platform performance
Reddy's previous ventures include crypto prime brokerage business FalconX. He said more than 98% of transactions on OpenFX's platforms settle in under 60 minutes. That compares with two to five business days in the legacy forex market.
Technology and expansion plans
Stablecoin integration and banking connectivity
OpenFX links traditional banking systems with digital infrastructure, using stablecoins as a bridge to enable near-instant FX conversion.
Geographic expansion and market growth
The latest funding will finance the firm's expansion into Southeast Asian markets and Latin America where adoption of stablecoins is rising quickly, the company said.
Operational footprint and transaction volume
OpenFX, which raised $23 million last year and currently operates in the U.S., UK, UAE, and India, said it helps process over $45 billion in annualized payment volume, up from $4 billion a year ago, driven by demand from fintech companies, neobanks, remittance providers and payroll platforms.
Industry impact and investor perspective
"Just as AWS removed the complexity of infrastructure to let developers build at scale, OpenFX is doing the same for money movement. Their global liquidity rails, paired with always-on, real-time settlement, unlock a step change in cross-border financial infrastructure," said Niklas Zennström, founder and CEO of Atomico.
(Reporting by Anirban Sen in New York and Manya Saini in Bengaluru; Editing by Sam Holmes and Arun Koyyur)
Key Takeaways
- •OpenFX raised $94 million, up from $23 million last year, and is now valued near $500 million.
- •The startup enables 90%+ of transactions to settle in under 60 minutes—significantly faster than traditional 2‑5 day FX systems—leveraging stablecoins to cut costs and delays.
- •Annualized payment volume surged from about $10 billion in mid‑2025 to over $45 billion in early 2026, with expansion underway across Southeast Asia and Latin America.
Frequently Asked Questions about FX payments startup OpenFX raises $94 million amid cross-border stablecoin push
1How much funding did OpenFX raise in its latest round?
OpenFX raised $94 million in a funding round led by multiple venture capital firms.
2What is OpenFX's approach to cross-border payments?
OpenFX uses stablecoins and blockchain technology to provide faster, cheaper cross-border payments, settling most transactions in under 60 minutes.
3Which investors participated in OpenFX's funding round?
Key investors include Accel, Lightspeed Faction, M13, Northzone, and Pantera.
4What regions is OpenFX targeting for expansion?
OpenFX plans to expand into Southeast Asian and Latin American markets.
5How much payment volume does OpenFX process annually?
OpenFX helps process over $45 billion in annualized payment volume, up from $4 billion a year ago.
