OpenFX Raises $94M to Speed Cross-Border Payments with Stablecoins

NEW YORK, March 31 - OpenFX, a fintech startup focused on foreign exchange and remittances, has raised $94 million to accelerate cross-border payments using stablecoins.

The Series funding round was led by Accel, Lightspeed Faction, M13, Northzone, and Pantera. The infusion brings the company’s valuation to approximately $500 million.

Founder Prabhakar Reddy launched OpenFX in 2024 after witnessing inefficiencies in traditional money transfer systems abroad. His prior experience includes founding crypto prime brokerage FalconX.

“Institutional transfers between $1 million and $10 million often face liquidity gaps,” Reddy said. “Legacy systems charge 2% to 5%, revealing deep infrastructural flaws.”

Over 98% of OpenFX transactions settle within an hour-compared to two to five business days for conventional methods. The platform links traditional banking rails with blockchain infrastructure via stablecoins for rapid currency conversion.

This new capital will fuel expansion into Southeast Asia and Latin America, regions showing strong stablecoin adoption. OpenFX currently serves clients across the U.S., UK, UAE, and India, processing $45 billion annually-a jump from $4 billion last year.