OpenFX Closes $940 Million Round Led by Pantera and Others

OpenFX, a foreign-exchange market maker and remittances startup, has raised $940 million in a new financing round, valuing the company at about $5 billion post-money, Reuters reported. The round was co-led by Accel, Lightspeed Faction, M13, Northzone and Pantera. OpenFX said it will use stablecoins to speed the buildout of its cross-border payments business. The company connects traditional banking rails with digital infrastructure, using stablecoins as a bridge to enable near-real-time FX settlement. OpenFX says more than 98% of transactions settle within 60 minutes, versus the standard two to five business days in traditional FX markets. Founded in 2024 by Prabhakar Reddy, the former founder of FalconX, OpenFX operates in the U.S., U.K., United Arab Emirates and India. Its clients include fintech firms, digital banks, remittance providers and payroll platforms. OpenFX’s annualized payment processing volume has risen from $4 billion a year ago to more than $45 billion. Proceeds will fund expansion into Southeast Asia and Latin America, where stablecoin adoption is gaining traction.