New Firm Seeks to Enter FX Settlement/Payments Space

A new hat has been thrown into the increasingly crowded cross-border payment and faster settlement market, with a firm called OpenFX breaking cover to announce $23 million in funding.

Although the firm states it “is building a real-time, open, transparent FX network that enables near-instant settlement of cross-border transactions”, it also claims it has handled $10 billion in transaction volume over the past 12 months. OpenFX operates on a 24/7 basis and while it says it “reduces payment friction by making FX transfers 99% faster and up to 90% cheaper”, it doesn’t say compared to what.

Noting what he calls the “$200 trillion annual FX market”, OpenFX founder and CEO Prabhakar Reddy, says that while domestic real-time payments have become the standard, “cross-border money movement remains stuck in an analog era”.

The funding, led by Accel, with participation from NFX, Lightspeed Faction, Castle Island Ventures, Flybridge, Hash3 and other fintech investors, will enable the firm to execute immediate plans to expand into other Latin America and Asian markets and launch a treasury management solution.

“In a world transformed by AI and agentic payments, the final frontier of digital transformation is the movement of money itself,” says Reddy. “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.”