OpenFX, a next-generation financial infrastructure company aiming to overhaul the global foreign exchange (FX) market, has emerged from stealth with $23 million in funding. The round was led by Accel, with participation from NFX, Lightspeed Faction, Castle Island Ventures, Flybridge, Hash3, and other strategic fintech investors.
The announcement follows a striking trajectory of growth: OpenFX has scaled from zero to an annualised transaction volume of $10 billion in less than a year since its quiet launch in early 2024. Founded by Prabhakar Reddy, a serial entrepreneur and former co-founder of digital asset prime broker FalconX, OpenFX is positioning itself as a core infrastructure provider for real-time, cross-border financial transactions. The platform enables FX transfers that are 99% faster and up to 90% cheaper than current solutions, while operating continuously—24 hours a day, seven days a week, 365 days a year—removing traditional banking constraints such as time zones and holidays.
“The global FX market processes over $200 trillion annually, yet relies on legacy infrastructure from the 1970s,” said Reddy, who serves as CEO. “That system traps an estimated $4 trillion in working capital and imposes exorbitant costs. We’re building the financial backbone for an AI-driven world where money should move as freely as information.” OpenFX’s technology connects traditional banking systems with digital-native infrastructure, allowing for near-instant settlements across major G20 currency pairs. The company reports that 90% of its transactions now clear within 60 minutes, significantly faster than the industry standard of 2–7 days.
Its customer base already includes a range of fintechs, from remittance platforms and neobanks to brokerages, payment processors, and global payroll providers. One recent client reportedly reached $100 million in transaction volume just 17 days after onboarding, highlighting the rapid adoption of OpenFX’s system. “Shekhar Kirani, Partner at Accel, described OpenFX as ‘the AWS of global finance’, a reference to its ambitions to become the core infrastructure layer powering international commerce. ‘We were impressed by the team’s depth, execution speed, and the trust they’ve already earned from enterprise clients,’ he said.
The company’s 42-member team brings experience from a roster of leading financial and technology institutions, including JP Morgan, Citi, PayPal, Kraken, Affirm, and Microsoft. OpenFX plans to use the new capital to accelerate global expansion, particularly in Asia and Latin America, and to scale its treasury management and regulatory capabilities. “As AI reshapes the way businesses and agents transact globally, the last frontier for digital transformation is the infrastructure behind money movement,” said Reddy. “Our mission is to build the invisible rails that will underpin the next decade of global trade.” OpenFX was founded in 2024 and operates across the United States, the United Kingdom, the United Arab Emirates, and India.