OpenFX Raises $23 Million to Redefine Global Payments with Real-time FX Settlement
• Raised $23 million led by Accel to revolutionize cross-border FX settlements
• Scaled from $0 to $10 billion in annualized transaction volume within 12 months
• Enables 24/7 real-time FX transfers that are 99% faster and up to 90% cheaper
OpenFX, a fintech infrastructure company dedicated to revolutionizing cross-border payments, has officially left stealth mode after raising $23 million in a round led by Accel. Other investors who joined the round are NFX, Lightspeed Faction, Castle Island Ventures, Flybridge, Hash3, and other leading fintech investors.
This capital milestone follows the firm's hyper-growth from zero to an annualized volume of $10 billion in transactions within the first 12 months since its stealth inception in early 2024.
Founded by experienced entrepreneur Prabhakar Reddy, former co-founder and COO of $8 billion digital asset prime brokerage FalconX, OpenFX is constructing a next-generation foreign exchange network in real-time. The platform is geared to provide near-instant settlement of cross-border transactions.
According to the company, OpenFX dramatically slashes friction in international payments making transfers up to 99% faster and reducing costs by as much as 90%. Unlike traditional systems, OpenFX operates continuously 24 hours a day, 365 days a year unbound by banking hours, weekends, or holidays.
"The $200 trillion-per-year FX market still relies on infrastructure developed in the 1970s, tying up almost $4 trillion of working capital and draining hundreds of billions of unnecessary fees per annum," said Reddy, OpenFX CEO.
"While instant domestic payments have become routine, cross-border transactions remain caught in a relic, analog system. We're building the critical settlement infrastructure for the AI-driven global economy where money flows as seamlessly and effortlessly as data, unfettered by time zones, banking hours, or ancient systems."
• Scaled from $0 to $10 billion in annualized transaction volume within 12 months
• Enables 24/7 real-time FX transfers that are 99% faster and up to 90% cheaper
OpenFX, a fintech infrastructure company dedicated to revolutionizing cross-border payments, has officially left stealth mode after raising $23 million in a round led by Accel. Other investors who joined the round are NFX, Lightspeed Faction, Castle Island Ventures, Flybridge, Hash3, and other leading fintech investors.
This capital milestone follows the firm's hyper-growth from zero to an annualized volume of $10 billion in transactions within the first 12 months since its stealth inception in early 2024.
Founded by experienced entrepreneur Prabhakar Reddy, former co-founder and COO of $8 billion digital asset prime brokerage FalconX, OpenFX is constructing a next-generation foreign exchange network in real-time. The platform is geared to provide near-instant settlement of cross-border transactions.
According to the company, OpenFX dramatically slashes friction in international payments making transfers up to 99% faster and reducing costs by as much as 90%. Unlike traditional systems, OpenFX operates continuously 24 hours a day, 365 days a year unbound by banking hours, weekends, or holidays.
"The $200 trillion-per-year FX market still relies on infrastructure developed in the 1970s, tying up almost $4 trillion of working capital and draining hundreds of billions of unnecessary fees per annum," said Reddy, OpenFX CEO.
"While instant domestic payments have become routine, cross-border transactions remain caught in a relic, analog system. We're building the critical settlement infrastructure for the AI-driven global economy where money flows as seamlessly and effortlessly as data, unfettered by time zones, banking hours, or ancient systems."
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