OpenFX raises $94M to scale stablecoin-powered global payments

• OpenFX has secured $94 million in a new funding round to scale its stablecoin-based cross-border payment solutions.
• The fintech startup is now valued at approximately $500 million following investment from major venture capital firms.
• The company’s annualized payment volume has surged to $45 billion, representing a significant increase from $4 billion just one year ago.

Funding and Market Valuation

OpenFX, a fintech firm focused on modernizing the foreign-exchange (FX) sector, recently completed a $94 million funding round. This capital injection was led by prominent investors including Accel, Lightspeed Faction, M13, Northzone, and Pantera. According to reports, the successful round has brought the company’s market valuation to roughly $500 million.

Bridging Traditional Finance and Digital Assets

Founded in 2024 by Prabhakar Reddy, OpenFX specializes in moving substantial amounts of capital across international borders by utilizing stablecoins. The platform serves as a critical intermediary between legacy banking infrastructure and digital assets, facilitating foreign-exchange conversions that are both faster and more cost-effective than traditional methods.

The inspiration for the company came after Reddy observed the inefficiencies of traditional remittance services in Dubai. While retail-level transfers have seen improvements, he identified a massive gap in efficiency for business transactions ranging between $1 million and $10 million.

Rapid Growth and Global Expansion

OpenFX has demonstrated explosive growth over the past twelve months. The company currently manages over $45 billion in annualized payment volume, a more than ten-fold increase from its $4 billion volume a year prior. Its client base consists of various financial entities, such as:

• Neobanks
• Payroll platforms
• Remittance providers

Currently operating in the U.S., U.K., UAE, and India, OpenFX intends to use the new capital to penetrate markets in Southeast Asia and Latin America, where the adoption of stablecoin technology for payments is accelerating.