OpenFX, a fintech startup aiming to modernize the foreign exchange market, has raised $94 million in new funding as it aims 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 about $500 million, Reuters reported, citing people familiar with the process.
Founded by Prabhakar Reddy in 2024, OpenFX uses stablecoins to help move large sums of money across borders. The company acts as a bridge between traditional banking rails and digital assets, enabling faster and cheaper FX conversions.
The report notes that Reddy was inspired to start OpenFX after witnessing long lines at a Western Union store in Dubai. While small-amount transfers have improved, he has noticed significant inefficiencies when companies try to transfer amounts in the $1 million to $10 million range.
OpenFX said it currently processes more than $45 billion in annual payments, up from $4 billion a year ago. Clients include neobanks, payroll platforms, and remittance providers.
With the new funding, the company plans to expand into Southeast Asia and Latin America, where stablecoin usage is rapidly expanding. OpenFX currently operates in the US, UK, UAE, and India.
