The platform made its stealth launch in early 2024 and now has an annualized transaction volume of $10 billion, the company said in a Thursday (May 22) press release.
“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,” OpenFX Founder and CEO Prabhakar Reddy said in the release.
The OpenFX platform connects traditional banking rails with digital-native systems and enables 90% of transactions to settle in under 60 minutes, according to the release.
During the 12 months it operated in stealth, the company processed billion in transactions across the top G20 foreign exchange (FX) pairs and served remittance providers, neobanks, brokerages, payment processors and global payroll companies, the release said.
OpenFX will use the new funding to expand into key Latin American and Asian markets, launch treasury management solutions and extend its regulatory framework, per the release.
Shekhar Kirani, partner at Accel, which led the company’s initial funding round, said in the release that OpenFX is “tackling a massive market inefficiency with institutional-grade infrastructure.”
“What convinced us was their commitment to building a highly secure, trusted platform that enterprises can rely on, coupled with their extraordinary execution capabilities,” Kirani said.
Cross-border payments are more important than ever, and cutting-edge solutions are providing simpler payment execution, streamlined compliance, and improved cash flow and liquidity management, according to the PYMNTS Intelligence and Citi collaboration, “The Treasury Management Playbook: Spotlight on Cross-Border Payments.”
In another, separate development in this space, Circle said Wednesday (May 21) that its stablecoin-powered cross-border payments network, the Circle Payments Network, is now live. This network and coordination protocol enables financial institutions to exchange payment instructions and settle transactions on open, public blockchains.
On May 9, Ramp said it will expand its issuing partnership with Stripe to launch stablecoin-backed corporate cards designed to facilitate cross-border transactions. The integration will start with select Latin American markets and then expand to countries in Europe, Africa and Asia.
