Latest FX Startup OpenFX Raises $94 Million for Stablecoin Payments Push: Report in Cryptocurrency

2026-03-31T21:01:46.129+02:00 T u e s d a y , 3 1 / 0 3 / 2 0 2 6 | 1 9 : 0 1 G M T by Jared Kirui The firm plans to expand into Southeast Asia and Latin America while already operating in the US, UK, UAE and India. OpenFX recently hired former LMAX Group commercial director Alex Rowles as Head of Trading and Risk. Foreign exchange startup OpenFX has raised $94 million infresh funding to expand its stablecoin-powered cross-border payments platform,Reuters reported, citing people familiar with the matter.

The round values thecompany at around $500 million. Singapore Summit: Meet the largest APAC brokers you know (and those you still don’t!) Backing from Major Venture Firms The funding was led by Accel, Atomico, Lightspeed Faction,M13, Northzone, and Pantera. OpenFX, founded in 2024 by Prabhakar Reddy, aformer founder of crypto brokerage FalconX, is building infrastructure thatuses stablecoins to speed up and reduce the cost of foreign- exchange transactions.

Reddy reportedly conceived the idea for OpenFX afterobserving long queues at Western Union branches in Dubai. The company now connectstraditional banking networks with digital systems, allowing near-instant FXconversion using stablecoins as the settlement layer. You may also like: A $150B Crypto Time Bomb? Google Says Quantum Computing Could Rewrite Bitcoin Security OpenFX said more than 98% of transactions on its platformnow settle within an hour, compared with two to five business days undertraditional methods. The startup reportedly processes over $45 billion in annualizedpayment volume, up sharply from $4 billion a year ago, driven by demand fromneobanks, fintechs, and remittance providers.

The fintech plans to use the new capital to expandoperations in Southeast Asia and Latin America, where stablecoin usage isgrowing. It currently operates in the United States, United Kingdom, UAE, andIndia. OpenFX has developed a real-time foreign-exchangesettlement network designed to replace traditional correspondent banking flows,focusing on wholesale clients such as remittance firms, neobanks, brokeragesand global payroll providers rather than on direct-to-consumer transfers. OpenFX Sharpens Institutional Focus In the crypto payments and stablecoin gateway niche,OpenFX’s backend FX and liquidity layer overlaps with firms like BVNK andBridge, which help companies adopt stablecoins as a payment rail and integratecrypto into existing payment stacks. These players similarly focus onconverting between fiat and digital assets while offering compliance andtreasury tooling for international businesses.

Late last year, OpenFX moved to deepen its institutionaloperations by appointing Alex Rowles as its new Head of Trading and Risk,adding a seasoned markets specialist just as cross-border payments andstablecoin flows draw more regulatory and operational scrutiny. Rowles joins OpenFX after a seven-year spell at LMAX, where he held senior roles at the trading venue and liquidity provider. He initially served as Head of Trading before moving into a Commercial Director position for the final two years of his tenure. Foreign exchange startup OpenFX has raised $94 million infresh funding to expand its stablecoin-powered cross-border payments platform,  » …

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