May 23, 2025: OpenFX fintech, a real-time cross-border payments services startup has secured $23 million to expand operations in the Latin American and Asian markets. It has also chalked out plans to expand its regulatory network.
Co-founded by Prabhakar Reddy in 2024, OpenFX provides institutional-grade financial infrastructure for real-time cross-border payments. The company revealed it was operating under ‘stealth mode’ till now, and has already facilitated an annualised transaction volume of $10 billion in less than 12 months.
Prabhakar Reddy previously co-founded FalconX, an institutional digital asset brokerage, valued at $8 billion in 2022. Prior to that, he was an investor at Accel.
“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,” Prabhakar Reddy said in a press statement. He added “While domestic real-time payments have become the standard, cross-border money movement remains stuck in an analog era.”
OpenFX to build new payment settlement infrastructure for AI Economy
OpenFX’s technology which positions itself as a new settlement infrastructure, for the AI economy promises FX transfers that are “99% faster and up to 90% cheaper” than traditional methods, leveraging a 24/7/365 operational model. The company claims, 90% of transactions on its network settle in under an hour, compared to the industry standard of two to seven days.
Shekhar Kirani, a partner at Accel, said the firm was convinced about the team’s execution and vision. “OpenFX represents that rare combination of an exceptional founding team tackling a massive market inefficiency with institutional-grade infrastructure,” he said.
“They’re building what could become the AWS of global finance: secure, trusted infrastructure that developers and businesses can use to transform cross-border commerce.” “In a world transformed by AI and agentic payments, the final frontier of digital transformation is the movement of money itself,” Reddy said.
“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.”
The startup’s management team includes experienced professionals from PayPal, Slack, Affirm, Kraken, and leading global banking institutions JP Morgan, Goldman Sachs, and Citi. Currently the OpenFX operates with 42 employees across offices in the US, UK, UAE, and India.
The latest seed funding round was led by Accel, with participation from NFX, Lightspeed Faction, Castle Island Ventures, Flybridge, Hash3, and other strategic fintech investors.
