OpenFX Raises $94M Series A to Expand into Southeast Asia with…

Team S · 2026-04-01T14:13:06.000Z

Fintech startup OpenFX has raised $94 million in a Series A funding round, as it accelerates expansion into Southeast Asia and strengthens its cross-border payments infrastructure built on stablecoin technology. The round was led by Accel and Atomico, with participation from Lightspeed Faction, M13, Northzone, and Pantera Capital, reflecting strong investor confidence in next-generation FX infrastructure. Founded in 2024 by Prabhakar Reddy, OpenFX is building an API-first foreign exchange platform that integrates traditional banking systems with blockchain-based settlement rails. By using stablecoins as an intermediary layer, the company enables near-instant cross-border transactions, with over 98% of payments settling in under 60 minutes, compared to the traditional 2-5 day settlement cycle. The company has already scaled rapidly, processing over $45 billion in annualized payment volume, driven by demand from fintechs, neobanks, remittance providers, and payroll platforms seeking faster and more cost-efficient global money movement. The newly raised capital will be used to expand into Southeast Asia, where advanced domestic payment systems like UPI, PayNow, and PromptPay coexist with persistent inefficiencies in cross-border transactions. OpenFX is also strengthening its presence in Latin America, targeting high-growth corridors with rising stablecoin adoption. The funding highlights a broader shift in global finance, where stablecoin-based infrastructure is emerging as a key solution to modernize cross-border payments, reduce costs, and unlock real-time liquidity for institutions.

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OpenFX Raises $94M Series A to Expand into Southeast Asia with… | Newnex