Accel Leads USD 23 Mn Round in OpenFX
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OpenFX, a pioneering FX infrastructure startup, has officially emerged from stealth, announcing a USD 23 million funding round led by Accel. The round also saw participation from NFX, Lightspeed Faction, Castle Island Ventures, Flybridge, Hash3, and other strategic fintech investors.
This funding will fuel the company's ambitious plans to expand across Latin America and Asia, launch treasury management products, and scale its regulatory footprint globally.
The brainchild of Prabhakar Reddy—co-founder and former COO of USD 8 billion-valued digital asset brokerage FalconX—OpenFX was founded in early 2024 to revolutionise cross-border payments. In less than a year, the startup claims to have processed over USD 10 billion in annualised transaction volume.
By leveraging cutting-edge payment rails and an innovative last-mile liquidity model, OpenFX enables real-time, 24/7/365 FX settlement—making global payments 99% faster and up to 90% cheaper than legacy systems.
"The USD 200 trillion FX market still runs on 1970s-era infrastructure, trapping USD 4 trillion in working capital," said Prabhakar Reddy, Founder and CEO of OpenFX. "We're building the critical settlement infrastructure for the AI-driven economy—where money moves as freely as data."
OpenFX's platform connects traditional financial systems with digital-native infrastructures through a multi-layer liquidity architecture. This allows 90% of transactions to settle within 60 minutes—compared to the industry's 2-7 day norm—without the need for massive balance sheets. The platform has already seen rapid adoption among neobanks, remittance firms, brokerages, global payroll providers, and fintechs, with some clients hitting USD 100 million in transaction volume within just 17 days.
"Shekhar Kirani, Partner at Accel, shared: "OpenFX combines an exceptional founding team with a massive market opportunity. They're building the AWS of global finance—trusted infrastructure that empowers enterprises and developers to modernize cross-border commerce."
OpenFX's 42-person global team brings experience from heavyweights like PayPal, Affirm, Slack, JP Morgan, Citi, and Microsoft, united by a vision to digitize global money movement. From the US and UK to India and the UAE, their mission is clear: make money move as seamlessly as an email.
As OpenFX continues to scale, it is not just disrupting foreign exchange—it is redefining the very rails of global commerce in the digital age.
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