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OpenFX, a fintech infrastructure startup focused on cross-border payments, has raised USD 94 million in a new funding round led by Accel, Lightspeed Faction, M13, Northzone and Pantera. The latest investment values the company at around USD 500 million. The firm had earlier secured USD 23 million in seed funding in May last year.
Founded in 2024 by Prabhakar Reddy, OpenFX develops infrastructure aimed at improving the speed and cost of international foreign exchange and payments. Its platform uses stablecoin-based systems to enable transactions that can settle in under an hour, significantly faster than the traditional banking cycle of two to five days.
According to the company, the newly raised capital will be used to expand its presence in Southeast Asia and Latin America, regions where the use of stablecoins is increasing. OpenFX primarily serves business clients, including fintech firms, neobanks, remittance providers and payroll platforms, offering tools for treasury management, foreign exchange and instant payouts through APIs.
The company’s infrastructure connects traditional banking systems with blockchain-based networks, allowing businesses to move funds more efficiently. It claims its system can reduce transaction costs by up to 90% compared to conventional banking methods.
OpenFX currently operates across markets including the United States, the United Kingdom, the UAE and India. It reports an annualised payment volume of over USD 45 billion, up from USD 4 billion a year ago, indicating rapid growth in adoption.
In December 2025, the company appointed former CoinDCX executive Sourav Karmakar to lead its India operations as part of its broader expansion strategy.
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