Foreign exchange infrastructure company OpenFX has emerged from stealth mode with $23 million in funding led by Accel. FX, Lightspeed Faction, Castle Island Ventures, Flybridge, and Hash3 also joined the investment round for OpenFX, which was co-founded by Prabhakar Reddy, a former co-founder of digital asset prime brokerage FalconX.
OpenFX is developing a real-time, open, and transparent FX network designed for near-instant settlement of cross-border transactions. The platform aims to significantly reduce payment friction, boasting speed improvements of up to 99% and cost reductions of up to 90, while operating continuously throughout the year.
Its innovative multi-layer liquidity architecture integrates traditional banking systems with digital-native frameworks, allowing 90% of transactions to settle in under 60 minutes, compared to the industry standard of two to seven days.
Since launching in early 2024, OpenFX has successfully validated its cross-border payment platform and settlement network on a large scale, processing billions in transactions across key G20 FX pairs. The company has also partnered with remittance providers, neobanks, brokerages, payment processors, and global payroll firms.
The newly acquired funding will facilitate a push into Latin American and Asian markets, introduce treasury management solutions, and expand the firm’s regulatory framework across key jurisdictions.
Reddy stated, “The $200 trillion annual FX market is still reliant on infrastructure from the 1970s, which locks up approximately $4 trillion in working capital and incurs hundreds of billions in unnecessary fees each year. While domestic real-time payments have become the norm, cross-border money transfers are still hindered by outdated systems. We’re creating the essential settlement infrastructure needed for the AI-driven economy, where money moves as seamlessly as data—free from limitations of time zones, banking hours, or legacy frameworks.”