OpenFX, the FX infrastructure company targeting the rails powering cross-border money movement, has raised $94 million in Series A funding from Accel, Atomico, Lightspeed Faction, M13, Northzone, & Pantera.
Founded in 2024 by FalconX co-founder Prabhakar Reddy, OpenFX connects traditional banking systems with digital-native infrastructure, using stablecoins as an intermediary settlement rail to enable near-instant FX conversion and cross-border settlement. The platform provides institutional-grade liquidity across more than 40 trading pairs, with more than 98% of transactions settling in under 60 minutes.
The funding comes on the heels of OpenFX expanding from $4 billion to north of $45 billion in annualized payment volume, driven by demand from fintech companies, neobanks, remittance providers and global payroll platforms, including MoneyGram, Yellow Card, and alfred seeking faster, lower-cost alternatives to legacy FX infrastructure.
“The global FX market processes more than $200 trillion annually, yet the core settlement infrastructure remains largely unchanged from decades ago,” said Reddy. “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.”
Despite advancements in domestic real-time payments, cross-border money movement remains slow, expensive and opaque. Settlements routinely take two to five business days, with conversion costs ranging from 50 to 150 basis points. As a result, more than $4 trillion in working capital sits locked in pre-funded nostro accounts globally, while companies absorb unnecessary intermediary fees and currency exposure.
The contrast is increasingly difficult to ignore. A $100 million digital asset transfer can settle globally in minutes, yet the equivalent fiat transfer can take up to a week, subject to banking hours, holidays and correspondent chains.
The Series A capital will support OpenFX’s expansion into key Southeast Asian markets, where sophisticated domestic systems such as India’s UPI, Singapore’s PayNow, and Thailand’s PromptPay coexist with persistent cross-border friction. The company will also deepen its Latin American corridors, building on strong adoption of its Mexican Peso, Brazilian Real, Colombian Peso, and Argentine Peso pairs across a region where stablecoin usage for cross-border payments continues to accelerate.
