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OpenFX, a fintech startup specializing in foreign exchange (FX) market making and remittances, has raised $94 million in Series A funding to expand its stablecoin-powered payments network.
The round, announced March 31, 2026, was led by Accel, Atomico, Lightspeed Faction, M13, Northzone and Pantera, with participation from existing investors Flybridge and Hash3.
Key Takeaways
- $94 million Series A closed at an approximate $500 million valuation to fuel global scale.
- Investor syndicate includes top-tier firms Accel, Atomico, Lightspeed Faction, M13, Northzone and Pantera.
- Expansion focus targets high-growth corridors in Southeast Asia and Latin America, where stablecoin adoption is accelerating.
- Platform performance delivers 24/7 liquidity across more than 40 trading pairs, with over 98% of transactions settling in under 60 minutes.
- Market opportunity addresses a $200 trillion annual global FX market still reliant on decades-old settlement infrastructure.
Founded in 2024 by Prabhakar Reddy, co-founder of digital-asset prime brokerage FalconX, OpenFX bridges traditional banking rails with digital-native infrastructure.
It uses stablecoins as an intermediary settlement layer to deliver near-instant FX conversion and cross-border payments, achieving settlement times measured in minutes rather than days, at dramatically lower costs.
The company already operates across the U.S., UK, UAE and India and has grown annualized payment volume from $4 billion to more than $45 billion in a single year.
Conclusion
OpenFX’s landmark raise underscores the accelerating shift toward stablecoin infrastructure in institutional finance.
By solving persistent friction in cross-border money movement, high costs, slow settlement and limited liquidity, the startup is positioned to capture meaningful share of the remittances and FX market.
As it deepens presence in Southeast Asia and Latin America, OpenFX could help drive broader financial inclusion and efficiency for fintechs, neobanks, payroll platforms and remittance providers worldwide.
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FAQs:
1. What is OpenFX and what does it do?
OpenFX is a New York-based fintech company that provides API-first FX liquidity infrastructure. It enables instant cross-border payments and remittances by using stablecoins to connect traditional banks with digital rails.
2. How does OpenFX use stablecoins for cross-border settlement?
Stablecoins act as a fast, low-cost bridge between fiat currencies. This allows near-instant FX conversion and settlement, often in under 60 minutes, versus the two-to-five business days typical of legacy systems.
3. Who led OpenFX’s $94M Series A funding round?
The round was led by Accel, Atomico and Lightspeed Faction, with participation from M13, Northzone, Pantera and returning investors Flybridge and Hash3.
4. What will OpenFX do with the new $94 million funding?
The capital will fund geographic expansion into Southeast Asia and Latin America, deepen liquidity across new currency corridors, grow the team and accelerate regulatory and product initiatives.
5. Why is OpenFX’s growth significant for the fintech and payments industry?
The company scaled 10x in annualized volume in one year while delivering 90% faster and significantly cheaper cross-border transactions, proving stablecoins can modernize a $200 trillion FX market still stuck in outdated infrastructure.
Disclaimer:
This content is provided for informational and educational purposes only and does not constitute financial, investment, legal, or tax advice; no material herein should be interpreted as a recommendation, endorsement, or solicitation to buy or sell any financial instrument, and readers should conduct their own independent research or consult a qualified professional.
