OpenFX, a fintech startup specializing in foreign-exchange market making and remittances, has closed a $94 million Series A funding round. The round drew participation from Accel, Atomico, Lightspeed Faction, M13, Northzone, and Pantera. The company announced the raise on Tuesday, citing plans to deepen liquidity and expand into new payment corridors.
Founded in 2024 by Prabhakar Reddy, OpenFX was built around the premise that global foreign-exchange infrastructure has not kept pace with modern demands. Reddy noted that the global FX market processes more than $200 trillion annually, yet its core settlement systems remain largely unchanged from decades past. He described the company as an effort to close what he sees as a structural gap in that market.
OpenFX routes transactions through a single liquidity network using blockchain-based currencies, aiming to move money faster for businesses transferring large sums across borders. According to the company’s website, 90% of transactions settle in under 60 minutes, with 30% completing in under 10 minutes. The platform operates around the clock and charges fees ranging from 0.01% to 0.3%.
The company currently operates in the United States, United Kingdom, the United Arab Emirates, and India. The new capital will be directed toward expanding into Southeast Asia and Latin America, markets the company has identified as priorities for growth. OpenFX also previously raised $23 million in a round led by Accel, with contributions from NFX, Castle Island Ventures, Flybridge, Hash3, and other fintech investors.
The funding arrives as broader interest in stablecoins as a corporate payments tool continues to build. Ripple CEO Brad Garlinghouse recently described stablecoins as the sector’s equivalent of a “ChatGPT moment,” suggesting they could represent a turning point for crypto adoption among businesses. He noted that CFOs and treasurers at major firms are actively exploring how to incorporate stablecoins into their payment operations.
Industry figures reflect the growing momentum. Stablecoins processed more than $33 trillion in volume last year, and Bloomberg Intelligence estimates that flows could expand at an 80% annual rate, potentially reaching $56.6 trillion by 2030. OpenFX is among a new class of market infrastructure companies positioning stablecoins as a mainstream alternative to traditional settlement systems rather than purely crypto-native trading instruments.
Despite the optimism, stablecoin-based foreign exchange still faces meaningful obstacles. Regulatory frameworks are diverging across major markets, with policymakers in places such as the UK debating measures like holding limits on stablecoins. Licensing requirements, compliance burdens, and banking access remain potential barriers that could slow adoption even as the underlying settlement technology continues to improve.
Originally reported by CoinTelegraph.
