Foreign exchange startup OpenFX has raised $94 million infresh funding to expand its stablecoin-powered cross-border payments platform,Reuters reported, citing people familiar with the matter. The round values thecompany at around $500 million.Singapore Summit: Meet the largest APAC brokers you know (and those you still don't!)Backing from Major Venture FirmsThe funding was led by Accel, Atomico, Lightspeed Faction,M13, Northzone, and Pantera. OpenFX, founded in 2024 by Prabhakar Reddy, aformer founder of crypto brokerage FalconX, is building infrastructure thatuses stablecoins to speed up and reduce the cost of foreign-exchangetransactions.Reddy reportedly conceived the idea for OpenFX afterobserving long queues at Western Union branches in Dubai. The company connectstraditional banking networks with digital systems, allowing near-instant FXconversion using stablecoins as the settlement layer.OpenFX said more than 98% of transactions on its platformnow settle within an hour, compared with two to five business days undertraditional methods. The startup processes over $45 billion in annualizedpayment volume, up sharply from $4 billion a year ago, driven by demand fromneobanks, fintechs, and remittance providers.The company plans to use the new capital to expandoperations in Southeast Asia and Latin America, where stablecoin usage isgrowing. It currently operates in the United States, United Kingdom, UAE, andIndia.OpenFX, founded in 2024 by entrepreneur Prabhakar Reddy,builds FX market infrastructure that uses stablecoins and other digital railsto enable faster cross-border settlements for financial institutions andfintechs. The company developed a real-time foreign-exchangesettlement network designed to replace traditional correspondent banking flows,focusing on wholesale clients such as remittance firms, neobanks, brokeragesand global payroll providers rather than on direct-to-consumer transfers.OpenFX Sharpens Institutional FocusIn the crypto payments and stablecoin gateway niche,OpenFX’s backend FX and liquidity layer overlaps with firms like BVNK andBridge, which help companies adopt stablecoins as a payment rail and integratecrypto into existing payment stacks. These players similarly focus onconverting between fiat and digital assets while offering compliance andtreasury tooling for international businesses.Late last year, OpenFX has moved to deepen its institutionaloperations by appointing Alex Rowles as its new Head of Trading and Risk,adding a seasoned markets specialist just as cross-border payments andstablecoin flows draw more regulatory and operational scrutiny. In a LinkedInpost, Rowles said what the team is building “feels very similar—just applied toa much harder problem: cross-border payments and global FX liquidity,”highlighting proprietary market-making, real-time inventory management and smartrouting across stablecoins, FX desks, dark pools and derivatives under oneroof. He added that it is “rare to see this level ofinfrastructure inside a payments company,” noting that in just 18 months OpenFXhas built a proprietary liquidity engine spanning 11 currencies, with a roadmapto reach 150.This article was written by Jared Kirui at www.financemagnates.com.