OpenFX, a cross-border foreign exchange (FX) infrastructure platform, raised $94 million in a Series A funding round announced March 31, 2026. Accel and Atomico led the round. Lightspeed Faction, M13, Northzone, and Pantera Capital participated as new investors. Flybridge Capital and Hash3 provided support as existing investors.
OpenFX provides an API-first, programmatic liquidity platform that enables financial institutions to process cross-border payments using stablecoins, replacing the 1970s correspondent banking network with real-time settlement.
Funding Overview
OpenFX raised $94 million in Series A funding, with Accel and Atomico investing as co-lead investors. The round closed on March 31, 2026, and OpenFX now processes $45 billion annually in cross-border payments, up from just $500,000 in its first month.
Founder and CEO Prabhakar Reddy confirmed 98% of transactions settle in under 60 minutes. The capital will fund global expansion into Southeast Asia and Latin America while scaling from 15 to 150+ currencies.
About the Company
OpenFX founded in 2024 by Prabhakar Reddy, former founder of FalconX. The company operates with 105 employees across four continents. OpenFX serves over 100 institutional customers including fintechs, neobanks, remittance platforms, and payroll processors.
The platform handles three core mechanics: collections, FX, and payouts. OpenFX also provides banking, treasury, settlement accounts, yield on idle capital, compliance, and liquidity architecture.
OpenFX launched in the UAE, expanding to Latin America, Southeast Asia, and Europe. The company compressed UAE fee structures from 0.30% to mid-single digits. OpenFX supports 15 currencies currently.
Investors
New Series A investors:
- Acce (lead)
- Atomico (lead)
- Lightspeed Faction
- M13
- Northzone
- Pantera Capital
Existing investors who participated:
Market Context
The global cross-border payments market totals $156 trillion annually. Traditional correspondent banking uses multi-day T+2 settlement with hidden fees averaging 5–7% for remittances. OpenFX uses stablecoins for seconds-fast settlement: sender pays fiat, stablecoins move value across borders, recipient receives fiat. Neither party touches crypto.
A 1% increase in remittances as GDP share reduces poverty gaps by 22% in emerging nations per the Asian Development Bank Institute. OpenFX anticipates AI agents becoming the largest FX users within 10 years, requiring 24/7 machine-speed programmatic treasury.
Funding History
OpenFX raised $23 million in an undisclosed round on May 23, 2025. Accel led that round. Castle Island Ventures, Faction, NFX, Hash3, and Flybridge Capital participated. The Series A brings OpenFX’s total disclosed funding to $117 million ($23 million pre-Series A plus $94 million Series A).
