OpenFX, a foreign-exchange market-making and remittance startup, has raised $94 million in a funding round valuing the company at roughly $500 million. The round was led by Accel, Atomico, Lightspeed Faction, M13, Northzone and Pantera. The fresh capital will fuel expansion into Southeast Asia and Latin America, two regions where stablecoin adoption is accelerating due to currency volatility and inefficient cross-border payment systems.
‘You Eat Through the Order Book’ on $1M–$10M Transfers
Founded in 2024 by Prabhakar Reddy, OpenFX focuses on a structural gap in FX markets: high-value transactions ranging from $1 million to $10 million, where liquidity is thin and pricing spreads can exceed 2%–5%. Traditional bank wires take two to five business days, creating capital tie-up and operational risk. OpenFX introduces stablecoins as an intermediary — fiat is converted to a stablecoin, settled on-chain, then redeemed for the target currency. The company says over 98% of transactions settle within 60 minutes.
Reddy said he was motivated to start the company after seeing long queues at remittance outlets in Dubai. “Very few people in the world are willing to pay 2% to 5% to move USD to euro,” he said. “That’s when I realized the infrastructure was broken.”
Volume Surges from $4B to $45B in One Year
OpenFX currently operates in the U.S., UK, UAE and India, serving fintech companies, neobanks, payroll platforms and remittance providers. Its annualized payment volume has jumped from $4 billion a year ago to over $45 billion, according to the company. Niklas Zennström, founder and CEO of Atomico, compared OpenFX to AWS in a statement: “Just as AWS removed the complexity of infrastructure to let developers build at scale, OpenFX is doing the same for money movement.”
Next Stop: Southeast Asia and Latin America
With the new funds, OpenFX plans to deepen liquidity pools and expand into emerging markets where stablecoins are already being used to bypass weak local currencies and slow banking systems. Reddy said the company’s model acts as a bridge between fiat rails and digital asset settlement, cutting intermediaries and accelerating settlement times for large corporate transfers.