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.Singapore Summit: Meet the largest APAC brokers you know (and those you still don't!)Backing from Major Venture FirmsThe 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.Reddy reportedly conceived the idea for OpenFX after observing long queues at Western Union branches in Dubai. The company connects traditional banking networks with digital systems, allowing near-instant FX conversion using stablecoins as the settlement layer.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 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 company 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, founded in 2024 by entrepreneur Prabhakar Reddy, builds FX market infrastructure that uses stablecoins and other digital rails to enable faster cross-border settlements for financial institutions and fintechs. The company 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 FocusIn 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 has 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. In a LinkedIn post, Rowles said what the team is building “feels very similar—just applied to a much harder problem: cross-border payments and global FX liquidity,” highlighting proprietary market-making, real-time inventory management and smart routing across stablecoins, FX desks, dark pools and derivatives under one roof. He added that it is “rare to see this level of infrastructure inside a payments company,” noting that in just 18 months OpenFX has built a proprietary liquidity engine spanning 11 currencies, with a roadmap to reach 150. This article was written by Jared Kirui at www.financemagnates.com.

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