OpenFX, a fintech startup aiming to modernize foreign exchange markets, has raised $94 million in new funding as it seeks 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 allows large sums of money to be moved across borders using stablecoins. The company acts as a bridge between traditional banking channels and digital assets, enabling faster and cheaper currency conversions.
Reddy got the idea to launch OpenFX after witnessing long queues at Western Union outlets in Dubai, the report noted. Although small transfers improved, he noticed major inefficiencies when companies tried to transfer amounts between $1 million and $10 million.
OpenFX says it now manages more than $45 billion in annualized payment volume, up from $4 billion a year ago. Customers include neobanks, payroll platforms and remittance providers.
With this 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 United States, United Kingdom, United Arab Emirates and India.
