Foreign exchange payment startup OpenFX completes $94 million funding round, led by Pantera and others

CycleProphet · 2026-03-31T11:06:13+00:00

OpenFX has completed a $94 million funding round, with a valuation of approximately $500 million, and plans to leverage stablecoins to accelerate cross-border payments. The platform enables fast foreign exchange settlements, currently handling an annualized payment processing volume of $45 billion, and will expand into Southeast Asia and Latin America markets in the future.

CycleProphet

2026-03-31 11:06:13

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According to Reuters, on March 31, Deep Tide TechFlow news reports that the foreign exchange market-making and remittance startup OpenFX completed a new funding round of $94 million on Tuesday. The post-money valuation is approximately $500 million. The round was jointly led by venture capital firms including Accel, Lightspeed Faction, M13, Northzone, and Pantera. The company plans to leverage stablecoins to accelerate its cross-border payments business.

OpenFX connects traditional banking systems with digital infrastructure, using stablecoins as a bridge to enable near real-time foreign exchange conversion settlement. It is understood that over 98% of the platform’s transactions can be settled within 60 minutes, whereas traditional foreign exchange markets typically require 2 to 5 business days.

Founded in 2024 by Prabhakar Reddy, a former founder of FalconX, OpenFX currently operates in the United States, the United Kingdom, the UAE, and India, serving fintech companies, digital banks, remittance service providers, and payroll settlement platforms. The company’s annualized payment processing volume has grown from $4 billion a year ago to over $45 billion. The funds raised in this round will be used to expand into Southeast Asia and Latin America, where stablecoin adoption continues to increase.

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