OpenFX, a US-based FX infrastructure company founded in 2024 by FalconX co-founder Prabhakar Reddy, has secured USD 94 million in a Series A funding round from Accel, Atomico, Lightspeed Faction, M13, Northzone, and Pantera Capital.
According to the company, the newly received capital will support expansion into Southeast Asian markets and the deepening of Latin American payment corridors.
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% of transactions settling in under 60 minutes. Clients include MoneyGram, Yellow Card, and alfred, spanning fintech companies, neobanks, remittance providers, and global payroll platforms.
Growth trajectory and infrastructure gap
OpenFX reports annualised payment volume has grown from USD 4 billion to over USD 45 billion, driven by demand for faster and lower-cost alternatives to legacy FX infrastructure. The platform's expansion targets markets where sophisticated domestic real-time payment systems, including India's UPI, Singapore's PayNow, and Thailand's PromptPay, coexist with persistent cross-border settlement friction.
The structural inefficiency OpenFX addresses focuses on being significant, as cross-border settlements routinely take two to five business days, with FX conversion costs ranging from 50 to 150 basis points. More than USD 4 trillion in working capital is estimated to be locked in pre-funded nostro accounts globally to facilitate correspondent banking chains, while a comparable digital asset transfer can settle in minutes.
The Latin American expansion will build on existing adoption of the platform's Mexican peso, Brazilian real, Colombian peso, and Argentine peso trading pairs, in a region where stablecoin usage for cross-border payments has accelerated.
Commenting on the news, Prabhakar Reddy, Founder and CEO of OpenFX, said institutions should not have to wait multiple business days to move capital across borders, and described OpenFX as built to deliver real-time, institutional-grade liquidity that reduces risk and lowers costs.
