Institutional-grade financial infrastructure platform reaches $10B in annualized volume within first year, offering 99% faster and 90% cheaper global money movement
NEW YORK--(BUSINESS WIRE)--OpenFX, the FX infrastructure company revolutionizing cross-border payments, today announced its emergence from stealth with $23 million in funding led by Accel, with participation from NFX, Lightspeed Faction, Castle Island Ventures, Flybridge, Hash3 and strategic fintech investors. This milestone follows the company's unprecedented growth from $0 to $10 billion in annualized transaction volume in under 12 months since its stealth launch in early 2024.
Founded by serial entrepreneur Prabhakar Reddy, former co-founder & COO of digital asset prime brokerage FalconX (valued at $8B), OpenFX is building a real-time, open, transparent FX network that enables near-instant settlement of cross-border transactions. The company's platform dramatically reduces payment friction by making FX transfers 99% faster and up to 90% cheaper, while operating 24/7/365 - eliminating the constraints of banking hours, weekends, and holidays.
"The $200 trillion annual FX market still runs on infrastructure designed in the 1970s, trapping approximately $4 trillion in working capital and extracting hundreds of billions in unnecessary fees annually," said Prabhakar Reddy, Founder and CEO of OpenFX. "While domestic real-time payments have become the standard, cross-border money movement remains stuck in an analog era. We're building the critical settlement infrastructure needed for the AI-driven economy, where money moves as freely as data—unrestricted by time zones, banking hours, or legacy systems."
OpenFX's multi-layer liquidity architecture leverages next-generation financial technology to connect traditional banking rails with digital-native systems, enabling 90% of transactions to settle in under 60 minutes, compared to the industry standard of 2-7 days. The company's capital-efficient liquidity model eliminates the need for massive balance sheets typically required by traditional FX providers.
Over the last 12 months, OpenFX has validated its cross-border payment platform and settlement network at scale, processing billions in transactions across the top G20 FX pairs while maintaining institutional-grade security and reliability. Early customers span global geographies and major FinTech categories - from remittance providers, neobanks, brokerages, payment processors, and global payroll companies - and have witnessed a remarkable transformation in their FX money movement experience, resulting in 8-10x growth in quarter-over-quarter volumes. In one striking example, a recently onboarded client scaled from zero to $100 million in transaction volume within just 17 days of integration.
“OpenFX represents that rare combination of an exceptional founding team tackling a massive market inefficiency with institutional-grade infrastructure,” said Shekhar Kirani, Partner at Accel. “What convinced us was their commitment to building a highly secure, trusted platform that enterprises can rely on, coupled with their extraordinary execution capabilities. They’re building what could become the AWS of global finance: secure, trusted infrastructure that developers and businesses can use to transform cross-border commerce.”
The company's leadership team brings deep expertise across traditional finance, blockchain infrastructure, and global payments, with key executives previously building and scaling multiple billion-dollar companies, including FalconX, PayPal, Slack, Affirm and Kraken. The broader team of 42 includes talent from JP Morgan, Citi, Goldman Sachs, Barclays, Standard Chartered, Bank of America, Nium, and Microsoft.
"In a world transformed by AI and agentic payments, the final frontier of digital transformation is the movement of money itself," added Reddy. "We're building the invisible rails that will power the next decade of global commerce—making international payments as seamless, instant, and reliable as sending an email."
This funding will accelerate OpenFX's mission to rewire the global financial system, with immediate plans to expand into key Latin American and Asian markets, launch its innovative treasury management solutions, and extend its regulatory framework across strategic jurisdictions.
About OpenFX
OpenFX is creating the financial market infrastructure for the AI economy through its real-time cross-border payments platform and settlement network. By combining the power of new-age payment rails and innovative last-mile liquidity sourcing models, OpenFX enables near-instant FX settlements across borders—making money transfers 99% faster, up to 90% cheaper, and available 24/7/365. Founded in 2024 by serial entrepreneur Prabhakar Reddy, the company has grown to a team of 42 operating globally across the US, UK, UAE and India. Learn more at www.openfx.com.
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