OpenPayd, a London-based stablecoin payments infrastructure firm, said it expects to complete its business combination with Titan Acquisition Corp. by the end of 2026 and then trade on Nasdaq under the ticker OP. The transaction is structured as a SPAC merger rather than a traditional IPO and could give the combined company an implied pro forma equity value of up to $1.145 billion.
CEO Iana Dimitrova said the company intends to begin serving U.S. customers by April 2027, using proceeds from the public-market transaction to support expansion and possible acquisitions. The company completed a major licensing step in September when MSB USA Inc. was integrated, bringing 43 state money transmitter licenses under OpenPayd.
The deal still requires several closing conditions, including Titan shareholder approval, effectiveness of the SEC registration statement, Nasdaq listing approval and at least $130 million in aggregate transaction proceeds. Titan shareholders can redeem shares before closing, which could reduce cash from Titan’s trust. Titan’s trust could provide up to roughly $276 million in gross proceeds if public shareholders do not redeem their shares.
OpenPayd reported fiscal 2026 revenue of $72.7 million, up from $56.6 million in fiscal 2025, with EBITDA of $12.5 million and a net loss of $2.8 million after transaction costs. Its SEC-filed investor presentation highlighted rapid growth in stablecoin orchestration revenue, which rose from $80,000 to $1.99 million over 12 months and accounted for about one-third of first-quarter fiscal 2027 growth.
OpenPayd’s clients include Kraken, B2C2 and OKX. The firm has partnered with Circle to connect fiat payment infrastructure with USDC and has joined the Fireblocks Network for Payments. It also received authorization under the European Union’s Markets in Crypto-Assets framework in June. The planned Nasdaq listing is significant for crypto infrastructure because it would give a stablecoin payments company a regulated U.S. footprint and public-market currency for acquisitions.
No confirmed first trading date for OP shares has been announced, and Titan’s SEC-filed quarterly report states that the business combination agreement can be terminated under certain circumstances if the transaction has not closed by December 31, 2026.
