OpenFXFX infrastructure company targeting rails that power cross-border money movement raises $94 million A Series Funding from Accel, Atomico, Lightspeed Faction, M13, Northzone and Pantera.
Founded in 2024 by FalconX co-founder Prabhakar ReddyOpenFX connects traditional banking systems to digital native infrastructure, using stablecoins as an intermediary payment route to enable near-instantaneous currency conversion and cross-border settlement. The platform provides institutional-grade liquidity on more than 40 trading pairs, with over 98% of trades settling in less than 60 minutes.
The funding comes on the heels of OpenFX’s annual payment volume rising from $4 billion to $45 billion; This is driven by demand from fintech companies, neobanks, remittance providers and global payroll platforms including MoneyGram, Yellow Card and Alfred, seeking faster, lower-cost alternatives to legacy FX infrastructure.
“The global foreign exchange market processes more than $200 trillion a year, but the underlying payment infrastructure remains largely unchanged from decades ago.” said Reddy. “Institutions shouldn’t have to wait multiple business days to move capital across borders. We built OpenFX to provide real-time, institutional-grade liquidity that reduces risk, lowers costs, and allows capital to move as efficiently as the businesses behind it.”
Despite advances in domestic real-time payments, cross-border money movement remains slow, expensive and opaque. Payments routinely take two to five business days, and conversion costs range from 50 to 150 basis points. As a result, more than $4 trillion in working capital globally remains locked in pre-funded nostro accounts while companies bear unnecessary brokerage fees and foreign exchange risks.
The opposition is becoming increasingly difficult to ignore. A $100 million digital asset transfer can happen worldwide in minutes, but an equivalent fiat transfer can take up to a week depending on bank business hours, holidays, and correspondent chains.
The Series A capital will support OpenFX’s expansion into key Southeast Asian markets where advanced local systems such as India’s UPI, Singapore’s PayNow and Thailand’s PromptPay coexist with cross-border friction. The company will also deepen its Latin American corridors, building on strong adoption of Mexican Peso, Brazilian Real, Colombian Peso and Argentine Peso pairs in a region where the use of stablecoins for cross-border payments continues to accelerate.
