OpenFX, a US-based financial infrastructure company, has emerged from stealth with $23m in funding to advance its cross-border payments platform.
The funding was led by Accel and supported by investors like Castle Island Ventures, Flybridge, Hash3, Lightspeed Faction, and NFX.
It follows OpenFX’s rapid growth, reaching $10bn in annualised transaction volume within 12 months of its stealth launch in early 2024.
OpenFX will use the funding to support its plans to expand into Latin American and Asian markets, launch treasury management solutions, and extend its regulatory framework.
Accel partner Shekhar Kirani said: “OpenFX represents that rare combination of an exceptional founding team tackling a massive market inefficiency with institutional-grade infrastructure.
“What convinced us was their commitment to building a highly secure, trusted platform that enterprises can rely on, coupled with their extraordinary execution capabilities.
“They’re building what could become the AWS of global finance: secure, trusted infrastructure that developers and businesses can use to transform cross-border commerce.”
Founded by Prabhakar Reddy, a former co-founder of FalconX, OpenFX is developing a real-time, transparent FX network that significantly reduces payment friction.
The platform enables near-instant settlement of cross-border transactions, making foreign exchange transfers 99% faster and up to 90% cheaper.
OpenFX’s liquidity architecture connects traditional banking systems with digital-native technologies.
It allows 90% of transactions to settle in under 60 minutes, compared to the industry standard of two to seven days.
The company’s capital-efficient model removes the need for large balance sheets typically required by traditional FX providers.
Over the past year, OpenFX has processed billions in transactions across G20 FX pairs, maintaining high security and reliability standards.
The company’s leadership comprises experts from traditional finance, blockchain infrastructure, and global payments, with experience from top companies.
Its client base includes remittance providers, neobanks, brokerages, payment processors, and global payroll companies, experiencing significant growth in FX money movement.
OpenFX founder and CEO Prabhakar Reddy said: “The $200 trillion annual FX market still runs on infrastructure designed in the 1970s, trapping approximately $4 trillion in working capital and extracting hundreds of billions in unnecessary fees annually.
“While domestic real-time payments have become the standard, cross-border money movement remains stuck in an analogue era. “We’re building the critical settlement infrastructure needed for the AI-driven economy, where money moves as freely as data, unrestricted by time zones, banking hours, or legacy systems.”
