April 04, 2026 – The New York-based FX startup has scaled to $45B in annualised volume. It now targets Southeast Asia, Latin America, and the AI-agent economy.
In Summary
$94M Series A led by Accel, Atomico, Pantera, and three others. Total raised hits $117M in under two years.
$500M valuation: OpenFX is now one of the most valuable early-stage FX infrastructure startups globally.
11× volume growth, annualized payment volume jumped from $4B to $45B+ since the seed round
98% of transactions settle within 60 minutes, compared to 2–5 business days on legacy SWIFT rails.
Up to 90% cheaper OpenFX claims cost reductions versus traditional correspondent banking fees.
Southeast Asia & Latin America next fresh capital targets high-growth corridors with rising stablecoin adoption.
OpenFX has closed a $94 million Series A funding round. The raise values the company at roughly $500 million. It is one of the largest early-stage fintech rounds of 2026.
The Investors
Six top-tier venture firms led the round. Existing backers also returned with capital.
The round follows a $23 million seed in May 2025. Total capital raised now stands at approximately $117 million. OpenFX achieved this in less than two years since its founding.
The Problem: A $200 Trillion Market Running on Broken Rails
The global FX market processes over $200 trillion annually. Yet its core settlement infrastructure is largely unchanged from decades ago. Cross-border payments routinely take two to five business days. Conversion costs range from 50 to 150 basis points.
The result is enormous capital inefficiency. More than $4 trillion in working capital sits locked in pre-funded nostro accounts. Companies absorb unnecessary fees and currency exposure daily.
“For fifty years, money moved at the speed of bureaucracy. We are making it move at the speed of the internet.”— Prabhakar Reddy, Founder & CEO, OpenFX
How OpenFX Works
OpenFX connects traditional banking with digital-native infrastructure. It uses stablecoins as an intermediary settlement rail. Counterparties never need to touch crypto directly.
A sender initiates a payment in their local currency. OpenFX converts it, moves the value via a stablecoin, and delivers it in the recipient’s local currency. The round trip can settle in under an hour. The platform supports more than 40 trading pairs.
Explosive Growth: From Zero to $45 Billion
OpenFX moved $500,000 in its first month of operations. Eight weeks later, it processed $500,000 per week. Three months after that, it hit $500,000 per day. It eventually reached $500,000 every minute.
The platform now has over 100 institutional clients. These include MoneyGram, Yellow Card, and the payroll platform Alfred. It supports 15 currencies across four continents.
The Funding History
What the Money Funds
OpenFX will deploy the capital across three priorities. First, it will expand liquidity across 150+ currency pairs. Second, it will enter Southeast Asia, targeting India’s UPI, Singapore’s PayNow, and Thailand’s PromptPay corridors. Third, it will scale headcount across product, engineering, and operations.
The company currently employs 105 people across the US, UK, UAE, and India. It aims to compress fee structures in every new corridor it enters. In the UAE, it has already significantly reduced AED conversion pricing.
The AI-Agent Angle
CEO Reddy sees a longer-term opportunity in autonomous AI agents. He predicts that within a decade, AI agents will be the largest category of FX users on the planet. These agents require 24/7, real-time financial infrastructure. Today’s legacy systems cannot meet that standard.
“I believe there are two ways to touch 8 billion lives: get 8 billion customers, or get a thousand institutions that each serve millions. We chose the latter.”— Prabhakar Reddy, Founder & CEO, OpenFX
Market Context: The Stablecoin Moment
OpenFX is not alone in this bet. Ripple CEO Brad Garlinghouse has called stablecoins crypto’s “ChatGPT moment” for corporate adoption. CFOs and treasurers at major firms are actively integrating stablecoins into treasury operations.
Yet OpenFX explicitly resists the crypto label. “We didn’t want to be a crypto company moving stablecoins,” Reddy said. “We wanted to be an FX company moving money across the globe.”
Bottom line: OpenFX’s $94M Series A is a bet that stablecoin rails will replace SWIFT for institutional FX. With $45B in annualized volume, 100+ clients, and a $500M valuation, the company has data to support that bet. Its next test is geographic expansion at scale.
