OpenFX stablecoin settlement rail raises $94 million
With a presence in the US, UK, UAE and India, OpenFX, the FX infrastructure company offering rails powering cross-border money movement, as raised $94 million in Series A funding from Accel, Atomico, Lightspeed Faction, M13, Northzone, & Pantera.
As per the press release, OpenFX enables near-instant FX settlements across borders, making money transfers 99 percent faster, up to 90 percent cheaper, and available 24/7/365. 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.
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.
“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
