Foreign exchange infrastructure company OpenFX has emerged from stealth with $23 million in funding led by Accel.
FX, Lightspeed Faction, Castle Island Ventures, Flybridge, and Hash3 joined the round for OpenFX, the brainchild of Prabhakar Reddy, who previously co-founded digital asset prime brokerage FalconX.
The startup is building a real-time, open, transparent FX network that enables near-instant settlement of cross-border transactions. The company claims its platform reduces payment friction by making FX transfers 99% faster and up to 90% cheaper, while operating 24/7/365.
Its multi-layer liquidity architecture connects traditional banking rails with digital-native systems, enabling 90% of transactions to settle in under 60 minutes, compared to the industry standard of two to seven days.
Launched in stealth in early 2024, OpenFX has validated its cross-border payment platform and settlement network at scale, processing billions in transactions across the top G20 FX pairs, signing up remittance providers, neobanks, brokerages, payment processors, and global payroll companies.
The new funding will be used for a push into Latin American and Asian markets, launching treasury management solutions, and extending the firm's regulatory framework across strategic jurisdictions.
Says Reddy: "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.
"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."