OpenFX raises $94M to speed up cross-border payments with stablecoins

OpenFX, a fintech startup focused on foreign exchange and remittances, raised $94 million in a Series A funding round to expand its stablecoin-based payments network.

The round included Accel, Atomico, Lightspeed Faction, M13, Northzone and Pantera. The company said it plans to use the funds to increase liquidity, enter new markets and expand operations in Southeast Asia and Latin America.

“The global FX market processes more than $200 trillion annually, yet the core settlement infrastructure remains largely unchanged from decades ago,” founder Prabhakar Reddy said, adding that he launched OpenFX in 2024 to address what he described as a gap in the FX market.

OpenFX is part of a new group of market infrastructure companies using blockchain-based currencies to move money faster, particularly for businesses transferring large sums across borders.

Related: Bernstein sees potential bottom for crypto stocks ahead of Q1 earnings

OpenFX targets Southeast Asia and Latin America expansion

OpenFX said it plans to use the new capital to expand into Southeast Asia and Latin America. The company currently operates in the United States, United Kingdom, the United Arab Emirates and India.

According to its website, OpenFX routes payments through a single liquidity network and says 90% of transactions settle in under 60 minutes, with 30% settling in under 10 minutes. The company also advertises 24/7 availability and pricing ranging from 0.01% to 0.3%.

In 2025, OpenFX said it raised $23 million in a funding round led by Accel, with participation from NFX, Lightspeed Faction, Castle Island Ventures, Flybridge, Hash3 and other strategic fintech investors.

Cointelegraph reached out to OpenFX for comment, but had not received a response by publication.

Related: Euro stablecoins dominate non-dollar market, Visa-backed report finds

Stablecoins are “ChatGPT moment” for corporate crypto adoption

The deal reflects a wider industry argument that stablecoins are moving from crypto-native trading tools into mainstream corporate payments infrastructure.
Ripple CEO Brad Garlinghouse recently said stablecoins could mark a turning point for crypto adoption among businesses, calling them the sector’s “ChatGPT moment.” He said corporate leaders, including CFOs and treasurers at major firms, are actively exploring how to integrate stablecoins into operations, particularly for payments.

Industry data supports the growing interest. Stablecoins processed over $33 trillion in volume last year, while Bloomberg Intelligence estimates flows could grow at an 80% annual rate to reach $56.6 trillion by 2030.

Still, betting on stablecoin-based FX remains early and faces hurdles beyond speed. Stablecoin rules are diverging across major markets, with policymakers in places like the UK having debated restrictions such as holding limits, highlighting how licensing, compliance and banking access may slow adoption even if settlement technology improves.

Magazine: Bitcoin vs stablecoins showdown looms as GENIUS Act nears