OpenFX emerges from stealth with $23m raise to rewire cross-border payments

By Gloria Methri

OpenFX, a new-age FX infrastructure platform aiming to overhaul cross-border payments, has emerged from stealth mode with $23 million in initial funding. The round was led by Accel and backed by NFX, Lightspeed Faction, Castle Island Ventures, Flybridge, Hash3, and a roster of strategic FinTech investors.

Founded by Prabhakar Reddy, former Co-founder and COO of FalconX, OpenFX has already processed $10 billion in annualised volume within 12 months of its quiet launch in early 2024. The company’s platform enables real-time, 24/7 FX settlement, reducing transaction times by up to 99% and cutting costs by as much as 90% compared to legacy systems.

“The $200 trillion FX market is still operating on 1970s-era infrastructure, locking up $4 trillion in working capital and bleeding hundreds of billions in unnecessary fees,” said Prabhakar Reddy, CEO of OpenFX. “Domestic payments have gone real-time; it’s time for cross-border money movement to catch up.”

OpenFX’s platform, built on a multi-layered liquidity architecture, connects traditional banking rails with digital-native systems, enabling 90% of transactions to settle within 60 minutes—a stark contrast to the industry norm of 2–7 days. By eliminating the need for pre-funded accounts or large balance sheets, OpenFX provides a capital-efficient model designed for scalability.

The platform is already live across top G20 currency corridors, with early customers including remittance firms, neobanks, brokerages, payroll platforms and payment processors.

“In a world shaped by AI and agentic payments, the final frontier is the real-time movement of money,” added Reddy. “We are building the invisible financial rails of the next decade—where sending money internationally is as seamless as sending an email.”

With fresh capital, OpenFX plans to expand into key markets across Latin America and Asia, roll out treasury management solutions, and strengthen its regulatory footprint in strategic jurisdictions. The company is positioning itself as the foundational layer for instant, borderless, and programmable payments, geared for the era of AI-driven global commerce.