Foreign exchange startup OpenFX has raised $94 million in fresh funding to expand its stablecoin-powered cross-border payments platform, Reuters reported, citing people familiar with the matter. The round values the company at around $500 million.

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Backing from Major Venture Firms

The funding was led by Accel, Atomico, Lightspeed Faction, M13, Northzone, and Pantera. OpenFX, founded in 2024 by Prabhakar Reddy, a former founder of crypto brokerage FalconX, is building infrastructure that uses stablecoins to speed up and reduce the cost of foreign-exchange transactions.

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Reddy reportedly conceived the idea for OpenFX after observing long queues at Western Union branches in Dubai. The company now connects traditional banking networks with digital systems, allowing near-instant FX conversion using stablecoins as the settlement layer.

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OpenFX said more than 98% of transactions on its platform now settle within an hour, compared with two to five business days under traditional methods. The startup reportedly processes over $45 billion in annualized payment volume, up sharply from $4 billion a year ago, driven by demand from neobanks, fintechs, and remittance providers.

The fintech plans to use the new capital to expand operations in Southeast Asia and Latin America, where stablecoin usage is growing. It currently operates in the United States, United Kingdom, UAE, and India.

OpenFX has developed a real-time foreign-exchange settlement network designed to replace traditional correspondent banking flows, focusing on wholesale clients such as remittance firms, neobanks, brokerages and global payroll providers rather than on direct-to-consumer transfers.

OpenFX Sharpens Institutional Focus

In the crypto payments and stablecoin gateway niche, OpenFX’s backend FX and liquidity layer overlaps with firms like BVNK and Bridge, which help companies adopt stablecoins as a payment rail and integrate crypto into existing payment stacks. These players similarly focus on converting between fiat and digital assets while offering compliance and treasury tooling for international businesses.

Late last year, OpenFX moved to deepen its institutional operations by appointing Alex Rowles as its new Head of Trading and Risk, adding a seasoned markets specialist just as cross-border payments and stablecoin flows draw more regulatory and operational scrutiny.

Rowles joins OpenFX after a seven-year spell at LMAX, where he held senior roles at the trading venue and liquidity provider. He initially served as Head of Trading before moving into a Commercial Director position for the final two years of his tenure.