May 22, 2025
By Prabhakar Reddy, Founder & CEO.
I'm thrilled to announce that OpenFX has secured $23 million in funding led by Accel, with participation from NFX, Lightspeed Faction, Castle Island Ventures, Flybridge, and Hash3. This milestone comes as we emerge from 18 months of building in stealth, during which our platform has already processed $10 billion in annualized cross-border payment volume.
At OpenFX, we’re on a mission to make money move as freely as data. We’re building the infrastructure to transform the FX market from a complex, opaque, and fragmented system into an open, transparent, accessible network where:
In a world where information travels instantly, financial infrastructure remains anchored in the past. The $7.5 trillion daily FX market still operates on systems designed half a century ago, imposing multi-day settlement delays, extracting 1-3% in fees, and trapping approximately $4 trillion in working capital at any given moment.
As we enter the age of AI-driven systems and agentic payments, the limitations of our global financial infrastructure have never been more apparent. The traditional banking system—designed for a world of paper records, manual ledger operations and physical branches—simply cannot keep pace with the speed of modern commerce.
This inefficiency isn't just inconvenient—it's a critical bottleneck strangling global commerce and innovation at precisely the moment when economic agility matters most. With global supply chains reshaping, digital business models expanding across borders, and remote work globalizing talent, the cost of financial friction has never been higher.
The incumbents have little incentive to rebuild this system from the ground up. They've invested billions in maintaining the status quo, making just enough incremental improvements to prevent wholesale disruption. But in a world increasingly driven by real-time data and AI agentic payments, this approach is no longer sustainable.
The hard truth is that our financial infrastructure isn't built for the information age, let alone the impending age of intelligence. We cannot afford for money to move over via a post office-like system when information moves at lightspeed over fiber optic cable.
When we started OpenFX in January 2024, we knew we were tackling an immense challenge. Cross-border payments are inherently complex. Layer in the need for institutional-grade security, compliance across multiple jurisdictions, and real-time settlement, and the complexity multiplies.
We began with a single client, then started onboarding one every few weeks, to now several new clients every week. Today, we're proud to share what we've accomplished:
A recently onboarded client scaled from zero to $100 million in transaction volume (all settling within 60 minutes) in just 17 days – demonstrating the immediate impact of our technology. In their words, "OpenFX has transformed how we approach global operations, unlocking capital we never knew we had trapped in transit."
Our platform delivers these results by bridging previously isolated domestic payment networks and optimizing capital flows through proprietary routing technology. This architecture completely bypasses the complex, multi-layered correspondent banking system that causes most delays and costs in international transfers.
This isn't just impressive growth—it's validation that the world is ready for a radical reimagining of how money moves globally. By removing the artificial barriers of time zones, banking hours, and legacy systems, we're not just improving finance—we're rebuilding it for the digital age.
We've developed three key innovations that enable our revolutionary approach to cross-border payments:
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