OpenFX, a payments platform that uses stablecoins for cross-border transactions, has raised $94mn in Series A funding to expand its operations.
Stablecoin Platform OpenFX Raises $94mn To Scale Cross-Border Payments
31 March 2026 - 21:13 CEST
The round was led by venture capital firm Accel and included participation from Atomico, Lightspeed Faction, M13, Northzone and Pantera. Existing investors Flybridge and Hash3 also joined, according to a 31 Mar company blog post.
Stablecoins: faster, cheaper
Stablecoins have attracted increasing interest from traditional finance firms seeking faster and cheaper cross-border payment solutions. OpenFX is positioning itself as a bridge between traditional finance and the stablecoin ecosystem, targeting mid-to-large ticket corporate payments where speed and cost are critical. Stablecoins are increasingly viewed as a practical tool for improving efficiency in global payments, particularly in regions with high remittance flows or volatile local currencies.
Since emerging last year, OpenFX has processed more than $45bn in annualized transaction volume. The company provides infrastructure for fintech firms, neobanks, remittance platforms and payroll processors. It aims to use stablecoins to compress settlement times and reduce costs compared with traditional banking rails, while converting to local fiat currency at both ends.
Building the full stack
OpenFX says it has more than 100 staff helping to build a full stack for cross-border payments, covering collections, FX conversion, payouts, treasury management and compliance. It currently supports 15 currencies and plans further expansion into additional markets.
The mission is to "make money move as freely as data," founder and CEO Prabhakar Reddy has said. He highlighted the growing role of AI agents as future users of FX infrastructure that must operate at machine speed, 24/7.
