• OpenFX raised $23 million in funding and processed $10 billion in annualised transaction volume within a year of its stealth launch.
  • The platform enables FX transfers that are 99% faster and up to 90% cheaper, settling 90% of transactions in under 60 minutes.

FX infrastructure startup OpenFX has announced a $23 million funding round led by Accel, with backing from NFX, Lightspeed Faction, Castle Island Ventures, Flybridge, Hash3, and other strategic fintech investors.

The company, founded by Prabhakar Reddy, has also revealed that it has processed $10 billion in annualised transaction volume within a year of launching in stealth mode in early 2024.

Reddy, previously the co-founder and COO of FalconX, an $8 billion digital asset brokerage, now aims to transform the $200 trillion FX market through OpenFX.

“The $200 trillion annual FX market still runs on infrastructure designed in the 1970s, trapping approximately $4 trillion in working capital and extracting hundreds of billions in unnecessary fees annually,” said Reddy.

Building the Infrastructure for a Real-Time Financial World

OpenFX's platform enables near-instant settlement of cross-border payments, promising FX transfers that are 99% faster and up to 90% cheaper than traditional methods.

Operating continuously, the platform bypasses the constraints of banking hours, weekends, and holidays.

The company’s multi-layer liquidity architecture integrates traditional banking systems with modern digital networks, settling 90% of transactions in under an hour, compared to the industry standard of 2–7 days.

OpenFX also claims to eliminate the need for large balance sheets, traditionally required in FX trading, through its capital-efficient liquidity model.

“Shekhar Kirani, Partner at Accel, said: “What convinced us was their commitment to building a highly secure, trusted platform that enterprises can rely on, coupled with their extraordinary execution capabilities. They’re building what could become the AWS of global finance.”

With the fresh funding, OpenFX plans to expand into Latin American and Asian markets, roll out its treasury management solutions, and strengthen its regulatory infrastructure across key jurisdictions.

Edited by Annette George