Foreign exchange startup OpenFX has raised $94 million in new funding to expand its cross-border payments platform powered by stablecoins, Reuters reported, citing people familiar with the matter. The round values the company at approximately $500 million.
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The funding was led by Accel, Atomico, Lightspeed Faction, M13, Northzone and Pantera. OpenFX, founded in 2024 by Prabhakar Reddy, former founder of cryptocurrency brokerage FalconX, is building infrastructure that uses stablecoins to speed up and reduce the cost of forex.exchange
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Reddy reportedly conceived the idea for OpenFX after noticing long queues at Western Union branches in Dubai. The company is now connecting traditional banking networks with digital systems, allowing for near-instant foreign currency transfers using stablecoins as a settlement layer.
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OpenFX said more than 98% of transactions on its platform are now settled within an hour, compared to two to five business days under traditional methods. The startup reportedly processes more than $45 billion in annual payments volume, a sharp rise from $4 billion last year, driven by demand from neobanks, fintech and remittance providers.
The fintech plans to use the fresh capital to expand its operations in Southeast Asia and Latin America, where the use of stablecoins is increasing. It currently operates in the US, UK, UAE and India.
OpenFX has developed a real-time foreign exchange settlement network designed to replace traditional correspondent bank flows, focusing on wholesale clients such as remittance companies, neobanks, brokerages and global payroll providers rather than focusing on direct-to-consumer transfers.
OpenFX increases enterprise focus
In crypto payments and Stable coin Specializing in gateway, OpenFX’s back-end forex and liquidity layer overlaps with companies like BVNK and Bridge, helping businesses adopt stablecoins as a means of payment and integrate cryptocurrencies into existing payment stacks. These players similarly focus on conversion between fiat and digital assets while offering compliance and treasury tools to international companies.
Late last year, OpenFX moved to deepen its institutional operations by Alex Rolls appointed new Head of Trading and Riskadding an experienced market specialist, just as cross-border payments and stablecoin flows attract increased regulatory and operational scrutiny.
Rolls joins OpenFX after spending seven years at LMAX, where he held senior trading venue and liquidity provider roles. He initially served as Head of Commercial before moving to the position of Commercial Director during the last two years of his tenure.
This article was written by Jared Kirroy at www.financemagnates.com.
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