OpenFX Raises $23M to Revolutionize Cross-Border Payments with Real-Time Settlement

OpenFX, a foreign exchange infrastructure startup, has emerged from stealth with $23 million in funding led by Accel, alongside participation from Lightspeed Faction, Castle Island Ventures, Flybridge, Hash3, and FX. Founded by Prabhakar Reddy, co-founder of FalconX, OpenFX aims to transform the outdated cross-border payment system with a real-time FX settlement network.

The company’s platform promises to cut settlement times by 99% and costs by up to 90%, settling 90% of transactions in under 60 minutes—compared to the current industry standard of two to seven days. OpenFX’s infrastructure is built to operate around the clock, 24/7/365, and connects traditional banking rails with digital-native systems through a multi-layer liquidity architecture.

Since launching in stealth earlier this year, OpenFX has processed billions in FX transactions across G20 currency pairs and onboarded a range of partners including remittance services, neobanks, global payroll firms, brokerages, and payment processors.

The newly raised capital will fund the company’s expansion into Latin American and Asian markets, development of treasury management tools, and further regulatory compliance across strategic regions.

Reddy emphasized the significance of the platform, noting that today’s $200 trillion annual FX market still relies on infrastructure built in the 1970s, locking up trillions in capital and generating billions in unnecessary fees. He stated, “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.”

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