OpenFX, a fintech startup aiming to modernize foreign exchange markets, raised $94 million in fresh funding as it looks to expand the use of stablecoins in global payments.
The round was led by Accel, Lightspeed Faction, M13, Northzone and Pantera, and values the company at around $500 million, Reuters reported, citing sources familiar with the process.
Founded in 2024 by Prabhakar Reddy, OpenFX helps move large amounts of money across borders using stablecoins. The company acts as a bridge between traditional bank rails and digital assets, enabling faster and cheaper currency conversions.
Reddy was inspired to start OpenFX after witnessing long queues at Western Union branches in Dubai, the report notes. While small transfers have improved, he noted large inefficiencies when companies tried to move amounts in the $1 million to $10 million range.
OpenFX says it now handles more than $45 billion in annual payment volume, up from $4 billion a year ago. Clients include neobanks, payroll platforms and money transfer providers.
With the new funding, the company plans to expand into Southeast Asia and Latin America, two regions where stablecoin usage is growing rapidly. OpenFX currently operates in the US, UK, UAE and India.
