OpenFX, a company focused on improving cross-border money movement, has raised $94 million in a Series A funding round backed by Accel, Atomico, Lightspeed Faction, M13, Northzone, and Pantera. Established in 2024 by FalconX Co-Founder Prabhakar Reddy, the company links traditional banking systems with digital infrastructure, using stablecoins to support faster settlement. According to the company, its platform supports more than 40 trading pairs and completes over 98% of transactions within 60 minutes.
OpenFX has also scaled rapidly, increasing its annualized payment volume from $4 billion to over $45 billion, driven by demand from fintech firms and remittance providers. Reddy said in a press release, “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 comes as cross-border payments remain slow and costly, often taking several days to settle while tying up large amounts of capital. According to industry estimates, trillions of dollars remain locked in pre-funded accounts due to inefficiencies in legacy systems. OpenFX plans to use the new capital to expand into Southeast Asia and strengthen its presence in Latin America, where adoption of faster payment solutions is rising. The company aims to bridge the gap between domestic real-time payment systems and international transfers, offering a more efficient alternative for institutions seeking faster and lower-cost global transactions.
