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Forex payments startup OpenFX raises $94-M led by Accel, Lightspeed, others

Economic Times  

Bangalore- and USA-based cross-border FX payments startup OpenFX has raised USD 94 million in a funding round led by Accel, Lightspeed Ventures, M13, Northzone and Pantera. This capital raise values OpenFX at approximately USD 500 million.Founded in 2024 by Prabhakar Reddy, OpenFX is a startup that specializes in foreign-exchange market making and remittances. The company aims to leverage stablecoins to enhance cross-border payments by addressing high costs and transfer delays. OpenFX previously raised USD 23 million last year.The latest funding will be allocated towards the firm's expansion into Southeast Asian markets and Latin America. OpenFX, which operates in the U.S., United Kingdom, UAE, and India, processes over USD 45 billion in annualized payment volume, an increase from USD 4 billion a year ago. The company states that over 98% of transactions on its platforms settle in under 60 minutes.

In May 2025, OpenFX had attracted about USD 23 M from Accel India, Lightspeed Ventures, NFX and others.