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 banking rails and digital assets, enabling faster and cheaper FX conversions.
Reddy was inspired to start OpenFX after witnessing long queues at Western Union outlets in Dubai, the report notes. While small transfers have improved, he noticed major inefficiencies when businesses tried to move sums in the range of $1 million to $10 million.
OpenFX says it now handles more than $45 billion in annualized payment volume, 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, two regions where stablecoin use is growing quickly. OpenFX currently operates in the U.S., U.K., UAE and India.