OpenFX has raised US$94 million in a funding round led by investors like Accel, Lightspeed Faction, M13, Northzone, and Pantera Capital.
The company will use this money to grow in Southeast Asia, where local payment systems like UPI in India, PayNow in Singapore, and PromptPay in Thailand are popular—but sending money between countries is still difficult.
OpenFX also plans to expand in Latin America. It is focusing on currencies like the Mexican peso, Brazilian real, Colombian peso, and Argentine peso, where the use of stablecoins for cross-border payments is increasing.
“The global forex market processes more than $200 trillion annually, yet the core settlement infrastructure remains largely unchanged from decades ago,” said Prabhakar Reddy, founder and CEO, OpenFX. “We built OpenFX to deliver real-time, institutional-grade liquidity that reduces risk, lowers costs and allows capital to move as efficiently as the businesses behind it.”
OpenFX was founded in 2024 by Prabhakar Reddy. The company builds systems that allow money to move between countries instantly, 24/7. It uses stablecoins to make international payments faster and cheaper than traditional banks, often completing transactions in less than an hour. Its main customers are businesses that manage payments and remittances.
OpenFX uses blockchain-based digital currencies to make foreign exchange faster and cheaper. It connects traditional banking systems with digital networks and uses stablecoins to enable quick currency conversion.
The company also provides API tools for foreign exchange, treasury management, and instant payouts, used by fintech firms, neobanks, and large businesses. Its platform runs 24/7 and claims to reduce costs by up to 90% compared to banks, while making transfers almost instant instead of taking 2–5 days. Its goal is to make cross-border payments as easy as sending data online.
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