OpenFX, a fintech startup focused on cross-border payments, has secured $94 million in funding led by Accel, Lightspeed Faction, M13, Northzone, and Pantera. This investment values the company at approximately $500 million and follows a previous $23 million seed round.
Founded in 2024 by Prabhakar Reddy, OpenFX provides infrastructure for instant cross-border foreign exchange and payments. Their stablecoin-based network offers a faster and more cost-effective solution compared to traditional banking systems, reducing settlement times to under an hour, primarily serving B2B treasury and remittance use cases.
By utilizing blockchain-based currencies, OpenFX facilitates quicker and more efficient transactions, especially beneficial for businesses managing large capital volumes. The company’s API-based solutions for FX, treasury management, and instant payouts are in high demand among fintechs, neobanks, and enterprises.
OpenFX claims to significantly reduce costs by up to 90% compared to traditional banking systems, providing faster settlement speeds than the typical 2–5 day cycle. The company’s goal is to streamline global money movement, addressing inefficiencies in cross-border and high-volatility financial transactions.
Operating in the U.S., the U.K., the UAE, and India, OpenFX processes over $45 billion in annualized payment volume, a substantial increase from $4 billion a year ago, driven by strong demand from various financial service providers.
Source: Entrackr : Latest Posts