OpenFX, a cross-border fintech payment platform with key operations in India, has raised $94 million in its Series A funding round from Accel, Atomico, Lightspeed Faction, M13, Northzone, and Pantera, per an announcement.
OpenFX, which uses stablecoins to speed up cross-border payments, said the Series A capital will support its expansion into key Southeast Asian markets. The company will also deepen its Latin American corridors, where stablecoin adoption is growing rapidly, it said in a statement.
“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.”
The funding round valued OpenFX at about $500 million, Reuters reported, citing a source familiar with the matter.
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 company operates across the US, the UK, the UAE, and India, and currently processes over $45 billion in annualised payment volume, up from $4 billion a year ago.
The funding comes amid growing interest in using stablecoins to overcome the high costs and transfer delays associated with cross-border payments. OpenFX uses stablecoins as a bridge between traditional banking systems and digital infrastructure to enable near-instant foreign exchange conversion.
