Series A Reflects Institutional Utility as OpenFX Advances Liquidity Depth Across Global Corridors, Exceeding $45 Billion in Annualized Payment Volume
OpenFX, the FX infrastructure company revolutionizing the rails powering cross-border money movement, announced it has raised $94 million in Series A funding from Accel, Atomico, Lightspeed Faction, M13, Northzone, & Pantera.
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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 over 98 percent of transactions settling in under 60 minutes.
The funding comes on the heels of OpenFX expanding from $4 billion to over $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 Prabhakar Reddy, Founder and CEO of OpenFX. “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.
Hear from OpenFX investors:
- “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, M13 General Partner
- “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, 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 of Pantera Capital
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