OpenFX, the two-year-old financial infrastructure company, has announced a $94 million Series A funding round. The investment was led by a group of investors including Accel, Atomico, Lightspeed Faction, M13, Northzone, and Pantera, with continued support from existing investors Flybridge and Hash3.
The scale of this round for a company just two years old, reflects strong investor confidence in a vision that has already seen OpenFX scale from zero to processing $45 billion in annual volume.
The founding vision: from Dubai lines to digital rails
The inspiration for OpenFX began with Founder & CEO Prabhakar Reddy’s childhood in Dubai. Throughout the 1990s and 2000s, Reddy witnessed long lines of construction workers and domestic staff outside Western Union branches, losing 5–7% of their paychecks just to send money home.
Returning decades later in 2022, he realized that despite a technological revolution, almost nothing had changed.
Reddy started OpenFX with a mission to make money move as freely as data. The core belief is that the global cross-border system is not broken due to an engineering limitation, but because it remains a highly profitable model for incumbents. Traditional banks benefit from “float” the billions of dollars that sit idle during multi-day settlement windows.
Radical efficiency: how the OpenFX stack works
OpenFX is not iterating on legacy infrastructure it is attempting to replace it. By using stablecoins as a near-instant transport layer, the company has created a new approach to FX:
- The sender pays in local fiat
- Stablecoins move value across borders in seconds
- The recipient receives local fiat
In this model, neither the sender nor the recipient interacts directly with crypto.
The system also removes the need for costly nostro accounts and pre-funded capital, freeing up liquidity that would otherwise remain idle in traditional systems.
Rapid scale and performance milestones
In just 24 months, OpenFX has grown from an early-stage concept into a platform used by financial institutions globally:
- Monthly volume increased from $500,000 in its first month to $500,000 per minute
- The platform now processes over $45 billion annually
- 98% of transactions settle within 60 minutes
- Fees in certain corridors, such as AED, have been significantly reduced
- More than 100 institutional customers have been onboarded
- The company operates with a team of over 100 employees across multiple regions
The “Anthropic for FX”: preparing for an AI-driven future
Reddy compares OpenFX to Anthropic. Just as developers use APIs for advanced AI capabilities, financial institutions can rely on OpenFX’s API for global liquidity and FX execution.
This vision is shaped by two major trends:
- The rise of AI agents as economic participants, requiring infrastructure that operates at machine speed
- Increasing global volatility, where slow settlement times can lead to real financial losses
OpenFX aims to provide infrastructure capable of handling both challenges.
Building the pipes of global finance
With $94 million in new capital, OpenFX plans to further develop its modular, programmable liquidity layer.
The company is currently live in 15 currencies and aims to expand coverage to all major global currencies.
While challenges remain particularly around licensing and banking relationships OpenFX is positioning itself as a core infrastructure layer for future global finance, with a long-term ambition to move trillions in cross-border value.
