OpenFX, a fintech startup that uses stablecoins to move large sums of money across borders, raised $94 million in its latest round — with the company now handling more than $45 billion in annualized payment volume after just two years of operation.

The Problem It's Solving

The company's founder, Prabhakar Reddy, was inspired by a specific observation: while consumer remittance apps have improved for small transfers, businesses trying to move $1 million to $10 million across borders still face slow settlement times, high conversion costs, and fragmented banking rails. OpenFX positions itself as a bridge between traditional banks and stablecoin infrastructure to handle exactly that tier of transaction.

The Round

The raise was led by Accel, Lightspeed Faction, M13, Northzone, and Pantera — a notable investor mix spanning traditional fintech and crypto-native VCs. The round values OpenFX at approximately $500 million. Payment volume has grown from $4 billion annualized a year ago to $45 billion now, a roughly 10x jump.

Where It's Expanding

OpenFX currently operates in the U.S., U.K., UAE, and India. The new capital is earmarked for Southeast Asia and Latin America expansion — both regions where stablecoin adoption has been growing faster than in North America, partly driven by dollar access demand and weak local currencies.

Clients include neobanks, payroll platforms, and remittance providers — intermediaries who rely on OpenFX's rails for their own downstream settlement.

Why It Matters

The raise is another data point in stablecoins' gradual migration from crypto-native use cases into mainstream business infrastructure. OpenFX isn't building a consumer crypto wallet — it's quietly routing institutional-scale FX through stablecoin rails that most of its clients' end customers probably never know exist.