OpenFX raises $94m Series A to scale cross-border payments

OpenFX, a US-based foreign exchange (FX) infrastructure provider, has raised $94 million in a Series A funding round led by Accel, Atomico, Lightspeed Faction, M13, Northzone and Pantera Capital, as it looks to scale its cross-border payments network and deepen liquidity across global corridors.

Founded in 2024 by Prabhakar Reddy, co-founder of FalconX, OpenFX aims to modernise cross-border money movement by integrating traditional banking systems with digital asset infrastructure. The platform uses stablecoins as an intermediary settlement layer to enable near-instant FX conversion and cross-border settlement, offering institutional liquidity across more than 40 trading pairs. According to the company, over 98% of transactions settle within 60 minutes.

The funding follows a period of rapid growth, with OpenFX expanding from $4 billion to more than $45 billion in annualised payment volume. The platform is being adopted by FinTech firms, neobanks and remittance providers, including MoneyGram, Yellow Card and alfred, seeking faster and more cost-efficient alternatives to legacy correspondent banking systems.

Despite the rise of real-time domestic payment systems, cross-border transactions continue to face structural inefficiencies. Settlements typically take two to five business days, with conversion costs ranging between 50 and 150 basis points. Industry estimates suggest more than $4 trillion in working capital remains tied up in pre-funded nostro accounts, highlighting the capital inefficiency embedded in current systems.

OpenFX’s model reflects a broader industry shift towards leveraging stablecoins for cross-border payments, offering continuous settlement and reduced reliance on intermediaries. The contrast between traditional fiat transfers and digital asset-based settlement has become increasingly pronounced, particularly as institutions seek to optimise liquidity and reduce FX exposure.

The company plans to use the new capital to expand into Southeast Asia, where advanced domestic payment systems such as India’s UPI, Singapore’s PayNow and Thailand’s PromptPay coexist with persistent cross-border friction. It also aims to strengthen its presence in Latin America, where demand for stablecoin-based transfers is growing, particularly across Mexican peso, Brazilian real, Colombian peso and Argentine peso corridors.

The raise underscores growing investor confidence in stablecoin-based financial infrastructure as institutions look to modernise global payment rails and unlock faster, more capital-efficient cross-border transactions.