What to know:
- OpenFX raised $94 million to expand the use of stablecoins in global payments and cross-border money transfers.
- The company acts as a bridge between traditional banking and digital assets, enabling faster and cheaper foreign-exchange conversions for businesses moving large sums of money.
- OpenFX, founded in 2024, now handles over $45 billion in annualized payment volume and plans to expand into Southeast Asia and Latin America, where stablecoin use is growing.
OpenFX, a financial technology company working to update how foreign exchange works, has received $94 million in new funding. The company plans to use the money to make stablecoins more common for international payments.
Accel, Lightspeed Faction, M13, Northzone, and Pantera led the latest funding round, which puts the company’s value at approximately $500 million, according to Reuters sources.
OpenFX, launched in 2024 by Prabhakar Reddy, simplifies international money transfers by using stablecoins. It connects traditional banking systems with digital currencies, making foreign exchange conversions quicker and more affordable.
Reddy started OpenFX after seeing long lines at Western Union in Dubai, according to the report. While sending smaller amounts of money had become easier, he observed that larger business transfers – between $1 million and $10 million – were still difficult and inefficient.
As a researcher tracking the fintech space, I’ve been following OpenFX closely. They’ve reported a significant surge in transaction volume – currently processing over $45 billion annually, compared to just $4 billion last year. Their client base is diverse, including innovative neobanks, payroll companies, and businesses focused on international money transfers.
Thanks to new investment, OpenFX will expand its services to Southeast Asia and Latin America, areas experiencing rapid growth in stablecoin adoption. The company currently serves customers in the U.S., U.K., UAE, and India.
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2026-03-31 14:48