Stablecoin Infrastructure Draws Major Backing

OpenFX, a fintech startup that uses stablecoins for cross-border foreign exchange and payments, raised $94 million in a Series A round at roughly $500 million valuation. The company had raised $23 million in seed funding back in May 2025. Founded in 2024 by Prabhakar Reddy, who previously worked at crypto brokerage FalconX, OpenFX uses stablecoins to settle transactions quickly, connecting traditional banking with blockchain infrastructure across more than 40 trading pairs.

The numbers are striking: over 98% of transactions settle in under 60 minutes, compared to the two-to-five business days typical in traditional cross-border payments. Annualized payment volume jumped from $4 billion to over $45 billion, with adoption from fintechs, neobanks, and remittance providers like MoneyGram and Yellow Card. Payroll platforms have also started using the rails.

Expansion Targets Southeast Asia and Latin America

OpenFX plans to use the funding to deepen liquidity in key corridors and push into Southeast Asian markets—including countries with advanced domestic payment systems like India's UPI, Singapore's PayNow, and Thailand's PromptPay. The company also wants to grow in Latin America, where stablecoin usage for cross-border payments has picked up for pairs involving the Mexican Peso, Brazilian Real, Colombian Peso, and Argentine Peso.

The opportunity is large: global FX markets process over $200 trillion annually but still struggle with high costs, delays, and lack of transparency. These problems tie up more than $4 trillion in working capital globally.

Remittance provider Aspora (formerly Vance) says settlements happen near-instantly, even on weekends. VelaFi points to simpler liquidity routing and the ability to run 24/7 operations. OpenFX operates across North America, Europe, the Middle East, and Asia.

| Key Funding Details | | |---------------------|-------------| | Project | OpenFX | | Sector | Fintech / Cross-Border Payments (Stablecoin-Enabled FX) | | Funding Round | Series A | | Amount Raised | $94 million | | Valuation | Approximately $500 million (post-money) | | Lead Investors | Accel, Atomico, Lightspeed Faction, M13, Northzone, Pantera Capital | | Notable Participants | Flybridge Capital, Hash3 (prior backers) | | Prior Raise | $23 million (Seed, May 2025) | | Disclosure Gaps | Specific allocation details not fully specified beyond expansion |

• The investor mix includes both traditional VCs and crypto-focused firms.
• Accel led the seed round and stayed involved. Atomico's Niklas Zennström compared the platform's potential to AWS—infrastructure that simplifies global money movement.
• Pantera Capital and Lightspeed Faction bring blockchain experience that fits with OpenFX's stablecoin-based approach to FX conversions.
• Flybridge and Hash3 backed the company earlier and continue their support.
• Northzone's Sanjot Malhi described it as enterprise-grade infrastructure that bridges FX and stablecoins.

The round comes as stablecoins are gaining acceptance as a fix for cross-border payment inefficiencies. OpenFX's model cuts intermediary fees and currency exposure while offering direct pricing and round-the-clock settlements. Digital asset transfers settle in minutes; fiat takes days. Clients like alfred are already using the rails for global payroll.

Bottom line: Investors are putting serious money into stablecoin payment infrastructure as the fintech sector looks for faster, cheaper alternatives to legacy systems.