OpenFX, an FX infrastructure firm facilitating cross-border payments, has emerged from stealth after raising $23m. 

The funding round was led by venture capital firm Accel.  

It also saw contributions from NFX, Lightspeed Faction, Castle Island Ventures, Flybridge, Hash3, and several fintech investors.  

The newly acquired funds will be allocated for immediate expansion plans in Latin America and Asia, the introduction of treasury management solutions, and the extension of its regulatory framework to cover more jurisdictions. 

This follows the company reaching $10bn in annualised transaction volume within a year of its launch in early 2024. 

The company, founded by entrepreneur Prabhakar Reddy, aims to build an FX network that enables real-time, and near-instant settlement of cross-border transactions.  

OpenFX’s platform is designed to reduce the time and cost associated with FX transfers, operating to bypass the constraints of traditional banking hours. 

The company utilises a multi-layer liquidity architecture that integrates conventional banking systems with digital-native technologies.  

The platform customer base include remittance providers, neobanks, brokerages, payment processors, and global payroll companies. 

The leadership team at OpenFX brings together expertise from various sectors, including traditional finance, blockchain infrastructure, and global payments. 

Reddy said: “While domestic real-time payments have become the standard, cross-border money movement remains stuck in an analog era. We’re building the critical settlement infrastructure needed for the AI-driven economy, where money moves as freely as data—unrestricted by time zones, banking hours, or legacy systems.” 

“We’re building the invisible rails that will power the next decade of global commerce—making international payments as seamless, instant, and reliable as sending an email.”