A fast-growing fintech startup, OpenFX, has raised $94 million in a new funding round led by Accel, Lightspeed, M13, Northzone, and Pantera Capital, valuing the company at around $500 million.
This follows its earlier $23 million seed round raised in May last year, reflecting strong investor confidence in its cross-border payments infrastructure model.
Founded in 2024 by Prabhakar Reddy, OpenFX provides a platform for instant, 24/7 cross-border foreign exchange and payments. The company plans to use the fresh capital to expand into Southeast Asia and Latin America, where stablecoin adoption is rising rapidly.
OpenFX operates a stablecoin-native network designed to offer a faster and more cost-effective alternative to traditional banking systems. The platform reduces settlement times to under 1 hour, compared to the typical 2–5 day cycle, and focuses on B2B treasury and remittance use cases.
By leveraging blockchain-based currencies, OpenFX enables near-instant FX conversion and efficient capital movement, particularly for businesses managing large transaction volumes. Its infrastructure bridges traditional banking systems with digital financial networks using stablecoins.
The company offers API-based solutions for foreign exchange, treasury management, and instant payouts, catering to fintech firms, neobanks, and enterprises. It claims to reduce transaction costs by up to 90% while maintaining round-the-clock operations.
OpenFX currently operates across the U.S., the U.K., the UAE, and India. It processes over $45 billion in annualised payment volume, a significant jump from $4 billion a year ago, driven by increasing demand from fintech companies, remittance providers, payroll platforms, and neobanks.
In December 2025, the company appointed former CoinDCX executive Sourav Karmakar to lead its India operations.
OpenFX aims to simplify global money movement, positioning itself as a scalable solution to address inefficiencies in cross-border and high-volatility financial transactions.
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