Fintech startup OpenFX has raised $94 million in a Series A funding round to expand its blockchain-based foreign exchange and remittance network, which leverages stablecoins to accelerate cross-border payments. The funding round saw participation from prominent venture capital firms including Accel, Atomico, Lightspeed Faction, M13, Northzone, and Pantera.
The company, founded in 2024 by Prabhakar Reddy, aims to address inefficiencies in the over $200 trillion annual global FX market, which it describes as relying on outdated settlement infrastructure. OpenFX plans to use the new capital to increase liquidity, enter new markets, and expand operations specifically in Southeast Asia and Latin America. The firm currently operates in the United States, United Kingdom, United Arab Emirates, and India.
According to OpenFX, its platform routes payments through a single liquidity network, with 90% of transactions settling in under 60 minutes and 30% in under 10 minutes. The company advertises 24/7 availability and competitive pricing ranging from 0.01% to 0.3%. The platform supports over 40 trading pairs and has seen its annualized payment volume surge from $4 billion to over $45 billion, reflecting rising demand.
The deal underscores a broader industry trend of stablecoins evolving from crypto-native trading tools into mainstream corporate payments infrastructure. Ripple CEO Brad Garlinghouse recently likened stablecoins to the sector's "ChatGPT moment" for business adoption. Stablecoins processed over $33 trillion in volume last year, with Bloomberg Intelligence estimating flows could grow at an 80% annual rate to reach $56.6 trillion by 2030.
Despite the momentum, challenges remain. Regulatory frameworks for stablecoins are diverging across major markets, with policymakers in places like the UK debating potential restrictions. Issues around licensing, compliance, and banking access may slow adoption even as the underlying settlement technology improves.
