OpenFX Completes $94M Funding Round Led by Pantera and Others

According to Reuters, OpenFX, a foreign exchange market maker and remittance startup, completed a new funding round of $940 million on Tuesday, bringing its post-money valuation to approximately $5 billion. The round was co-led by venture capital firms including Accel, Lightspeed Faction, M13, Northzone, and Pantera. The company plans to accelerate its cross-border payment business using stablecoins. OpenFX enables near-real-time foreign exchange settlement by connecting traditional banking systems with digital infrastructure, using stablecoins as a bridge. The platform settles over 98% of its transactions within 60 minutes, compared to the traditional foreign exchange market, which typically requires two to five business days. Founded in 2024 by Prabhakar Reddy, former founder of FalconX, OpenFX currently operates in the United States, the United Kingdom, the United Arab Emirates, and India, serving fintech companies, digital banks, remittance providers, and payroll platforms. The company’s annualized payment processing volume has grown from $4 billion a year ago to over $45 billion. The proceeds from this funding round will be used to expand into Southeast Asia and Latin America, regions where stablecoin adoption continues to rise.