OpenFX Raises $23M Seed Round Led by Accel to Expand Cross-Border Payment Infrastructure

OpenFX, a fintech startup founded by Prabhakar Reddy, has raised $23 million in a seed funding round led by Accel with participation from several strategic investors, aiming to revolutionize cross-border payments. The company has rapidly grown to facilitate $10 billion in annualized transaction volume within its first year, offering institutional-grade infrastructure that makes FX transfers up to 99% faster and 90% cheaper than traditional systems by operating 24/7/365. OpenFX’s platform addresses inefficiencies in the $200 trillion FX market, enabling 90% of transactions to settle within an hour versus the industry norm of two to seven days, by leveraging a multi-layer liquidity architecture that connects traditional finance with digital-native infrastructures. Additionally, OpenFX is focusing on solving the 'last-mile' problem in stablecoin conversion, facilitating seamless and cost-effective conversion of stablecoins into local fiat currencies through direct integration with local payment networks and financial institutions. The company plans to expand into Latin American and Asian markets, launch treasury management products, and scale its regulatory footprint globally. Investors highlight OpenFX's exceptional founding team and innovative approach to tackling massive market inefficiencies in global payments.