TechFlow News, March 31: According to Reuters, OpenFX—a foreign exchange (FX) market-making and remittance startup—raised $94 million in a new funding round on Tuesday, valuing the company at approximately $500 million post-money. The round was co-led by venture capital firms Accel, Lightspeed Faction, M13, Northzone, and Pantera. The company plans to leverage stablecoins to accelerate its cross-border payment business.
OpenFX connects traditional banking systems with digital infrastructure, using stablecoins as a bridge to enable near real-time FX conversion and settlement. Over 98% of transactions on the platform settle within 60 minutes, compared to the typical 2–5 business days required in traditional FX markets.
Founded in 2024 by Prabhakar Reddy, former founder of FalconX, OpenFX currently operates in the United States, the United Kingdom, the United Arab Emirates, and India, serving fintech companies, neobanks, remittance service providers, and payroll platforms. Its annualized payment processing volume has grown from $4 billion one year ago to over $45 billion. Proceeds from this funding round will be used to expand into Southeast Asia and Latin America—regions where stablecoin adoption continues to rise.
