Forex startup OpenFX raises $94 million to expand stablecoin-powered cross-border payments

The company acts as a bridge between traditional banking and digital assets, enabling faster and cheaper foreign-exchange conversions for businesses moving large sums of money.

What to know:

• OpenFX raised $94 million to expand the use of stablecoins in global payments and cross-border money transfers.
• The company acts as a bridge between traditional banking and digital assets, enabling faster and cheaper foreign-exchange conversions for businesses moving large sums of money.
• OpenFX, founded in 2024, now handles over $45 billion in annualized payment volume and plans to expand into Southeast Asia and Latin America, where stablecoin use is growing.

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.

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As stablecoins evolve into core financial infrastructure, North America leads. This report maps the regulation, market shifts, and players driving adoption.

Why it matters:

Stablecoins are entering their third phase of evolution - the institutionalization era - becoming increasingly embedded into core financial infrastructure. As institutions prioritize transparency and compliance, regulated issuers like USDC, RLUSD, and PYUSD are steadily gaining share with RLUSD surpassing $1B in market cap within its first year. North America, leading in regulatory frameworks and institutional distribution, is at the center of it all.

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The Brussels-based digital asset firm said the new capital will bolster its balance sheet and support expansion and acquisitions.

What to know:

• Keyrock's Series C round was led by SC Ventures with participation from Ripple.
• The digital asset investment firm is now valued at $1.1 billion.
• The funds will be used for balance sheet strengthening, product development and M&A.

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