OpenFX raised $94 million in a new funding round led by Accel, Atomico, Lightspeed Faction, M13, Northzone and Pantera, valuing the company at approximately $500 million.
The startup, founded in 2024 by Prabhakar Reddy, operates as a bridge between traditional banking systems and digital infrastructure, using stablecoins to facilitate faster and cheaper currency conversions in large-scale cross-border transfers.
The idea emerged after Reddy observed long lines outside Western Union branches in Dubai. As he stated in an interview, moving sums of between one million and ten million dollars through traditional channels involves costs of between 2% and 5%, along with settlement times of two to five business days. At OpenFX, more than 98% of transactions settle in under 60 minutes.
The company processed more than $45 billion in payment volume on an annualized basis, up from $4 billion recorded a year earlier. Its clients include neobanks, payroll platforms and remittance providers. With the new capital, OpenFX plans to expand into Southeast Asia and Latin America, two regions where stablecoin adoption is growing rapidly. It currently operates in the United States, the United Kingdom, the United Arab Emirates and India.
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