OpenFX, a cross-border payments infrastructure platform, announced it has raised $94 million in Series A funding to expand its real-time foreign exchange and settlement capabilities. The round was backed by investors including Accel, Atomico, Lightspeed Faction, M13, Northzone, and Pantera.
Founded in 2024 by FalconX co-founder Prabhakar Reddy, OpenFX is building infrastructure that connects traditional banking systems with digital-native rails, using stablecoins as an intermediary layer to enable near-instant cross-border transactions. The platform currently supports more than 40 trading pairs and reports that over 98 percent of transactions settle in under 60 minutes.
The company has rapidly scaled, growing from $4 billion to more than $45 billion in annualized payment volume. This growth has been driven by demand from fintech firms, neobanks, remittance providers, and global payroll platforms such as MoneyGram, Yellow Card, and alfred, which are seeking faster and lower-cost alternatives to legacy foreign exchange systems.
OpenFX is targeting longstanding inefficiencies in cross-border payments, where transactions can take two to five business days to settle and incur conversion costs of 50 to 150 basis points. These inefficiencies contribute to trillions of dollars being held in pre-funded accounts globally, limiting capital efficiency for institutions.
The company plans to use the new funding to expand into Southeast Asia, where advanced domestic payment systems exist alongside persistent cross-border friction, and to deepen its presence in Latin America, particularly across corridors involving the Mexican peso, Brazilian real, Colombian peso, and Argentine peso.
OpenFX positions its platform as a modern financial infrastructure layer that enables real-time, always-on settlement, significantly reducing costs and improving capital efficiency for global money movement.
KEY QUOTES:
“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.”
Prabhakar Reddy, Founder And CEO Of OpenFX
“We are always searching for the most exceptional founders building with the largest tailwinds at their back. It is undeniable that stablecoins are transforming global money movement, and it was undeniable from our first meeting that Prabhakar understood both the liquidity dynamics of FX markets and the infrastructure needed to bridge traditional banking with these new rails. OpenFX is already demonstrating what that future looks like, real-time cross-border settlement and capital efficiency for institutions.”
Latif Peracha, General Partner At M13
“We’ve had a longstanding thesis on stablecoin technology disrupting global cross-border finance. OpenFX is a one-of-a-kind platform building truly enterprise grade infrastructure, bridging the worlds of FX and stablecoins. Having personally known Prabhakar for a decade, it’s indeed a pleasure and privilege to be co-leading their Series A and partnering in building a category defining business.”
Sanjot Malhi, Partner At Northzone
“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.”
Niklas Zennström, Founder And CEO Of Atomico
“Cross-border payments remain one of the largest and most structurally inefficient markets in global finance, and stablecoins are emerging as a clear solution to address these frictions. OpenFX is building critical infrastructure that brings together deep FX liquidity and always-on settlement, enabling a more seamless and capital-efficient system for moving money globally. We believe Prabhakar and the team are uniquely positioned to define this next phase of financial infrastructure.”
Paul Veradittakit, Managing Partner At Pantera Capital
