OpenFX, a NYC-based FX infrastructure company empowering cross-border money movement, has raised $94 million in a Series A funding round by Accel, Atomico, Lightspeed Faction, M13, Northzone, and Pantera.
The company plans to use the funds to grow its operations and development work.
OpenFX connects traditional banking systems with modern digital infrastructure using stablecoins to enable fast foreign exchange conversion and cross border payments. It offers strong liquidity across more than 40 trading pairs with over 98% of transactions settling in under 60 minutes.
The company has rapidly grown from $4 billion to over $45 billion in annual payment volume, driven by demand from fintechs, neobanks, remittance providers, and global payroll platforms like MoneyGram, Yellow Card, and Alfred that are looking for faster and lower-cost alternatives to traditional FX systems.
Even with improvements in local real-time payments, cross-border transfers are still slow, costly and unclear. Payments often take 2–5 business days, with conversion fees between 0.5% and 1.5%. Because of this, over $4 trillion is locked in pre-funded accounts worldwide, while businesses face extra fees and currency risks. In comparison, digital asset transfers can move $100 million globally in minutes, while traditional transfers can take up to a week due to banking hours, holidays, and multiple intermediaries.
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The Series A funding will help OpenFX expand into Southeast Asia, where strong local systems like UPI, PayNow, and PromptPay exist, but cross-border payments are still inefficient. The company will also grow in Latin America, strengthening its currency corridors such as the Mexican Peso, Brazilian Real, Colombian Peso, and Argentine Peso, where stablecoin use for cross-border payments is rising quickly.
“The global FX market handles over $200 trillion each year, but its core systems are still outdated,” said Prabhakar Reddy, Founder and CEO of OpenFX. “Institutions shouldn’t have to wait days to move money across borders. We built OpenFX to provide fast, reliable liquidity that reduces risk, cuts costs, and helps money move as efficiently as the businesses using it.”
Hear from OpenFX investors:
“We look for founders building in big, fast-growing markets, and stablecoins are clearly changing how money moves globally. From our first meeting, it was clear that Prabhakar understands both FX markets and how to connect traditional banking with new systems. OpenFX is already showing this future with real-time cross-border payments and better capital efficiency,” said Latif Peracha, General Partner at M13.
“We’ve long believed stablecoins will transform global finance. OpenFX is building a strong, enterprise-level infrastructure that connects FX and stablecoins. Having known Prabhakar for years, we’re excited to support the company and help build a category-leading business,” said Sanjot Malhi, Partner at Northzone.
“Just like Amazon Web Services simplified infrastructure for developers, OpenFX is simplifying global money movement. Its real-time settlement and global liquidity can significantly improve cross-border finance,” said Niklas Zennström, Founder and CEO of Atomico.
“Cross-border payments are still slow and inefficient, but stablecoins offer a strong solution. OpenFX is building key infrastructure that combines deep FX liquidity with real-time settlement, making global payments faster and more efficient. We believe Prabhakar and his team are well-positioned to lead this change,” said Paul Veradittakit, Managing Partner at Pantera Capital.
About OpenFX
Founded in 2024 by Prabhakar Reddy, former co-founder of FalconX, OpenFX is building modern financial infrastructure with a real-time cross-border payments platform. By using stablecoins and advanced liquidity models, it enables near-instant FX settlements that are up to 99% faster, 90% cheaper, and available 24/7. The company has a global team across the U.S., UK, UAE and India, supports over 40 trading pairs, and serves fintech companies, neobanks, remittance providers, and global payroll platforms.
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