OpenFX Emerges from Stealth with $23 Million Funding to Disrupt $200 Trillion FX Market
OpenFX, a next-generation FX infrastructure company, today announced its official launch with a $23 million funding round led by Accel. The round also saw participation from prominent investors including NFX, Lightspeed Faction, Castle Island Ventures, Flybridge, Hash3, and other strategic fintech backers.
Founded by serial entrepreneur Prabhakar Reddy, former COO and co-founder of FalconX, OpenFX aims to transform the outdated infrastructure underpinning the global foreign exchange (FX) ecosystem. Since its stealth launch in early 2024, the company has grown from zero to a staggering $10 billion in annualized transaction volume.
“The $200 trillion annual FX market still runs on infrastructure from the 1970s, locking up nearly $4 trillion in working capital and imposing billions in unnecessary fees,” said Reddy. “We’re building real-time, open, and transparent infrastructure to make money move as freely as data — across time zones, holidays, and weekends.”
Revolutionising Cross-Border Payments
OpenFX’s technology enables near-instant settlement of cross-border transactions, reducing costs by up to 90% and accelerating transaction times by 99%. Its multi-layer liquidity architecture integrates traditional banking with modern digital rails, achieving 90% settlement in under 60 minutes — a massive improvement over the 2–7 day industry norm.
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Clients across neobanks, global payroll firms, brokerages, and remittance providers have already experienced exponential transaction growth — one scaling from zero to $100 million within just 17 days of integration.
“OpenFX is tackling a massive inefficiency with institutional-grade infrastructure. Their execution and vision could make them the AWS of global finance,” said Shekhar Kirani, Partner at Accel.
Scaling Infrastructure for an AI-Driven Economy
With a team of 42 members drawn from major global institutions like JP Morgan, Citi, Microsoft, PayPal, and Affirm, OpenFX is positioning itself as a reliable partner for financial enterprises seeking secure and scalable FX solutions.
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The fresh capital will fuel OpenFX’s global expansion, starting with Latin America and Asia, and help launch advanced treasury management products. The company also plans to scale its compliance and regulatory frameworks across key financial jurisdictions.
About OpenFX
OpenFX is a global financial technology company building an open, real-time, and transparent FX settlement network. Its platform is designed to empower businesses with seamless, fast, and low-cost cross-border payment capabilities, unlocking a new era of capital mobility for the digital economy.
Disclaimer: This post is for general informational purposes only. It does not constitute financial advice. Please consult a qualified professional before making financial decisions.
