Overview
- OpenFX, which announced a $94 million funding round Tuesday, plans to expand into Southeast Asia and Latin America.
- Accel, Lightspeed Faction, M13, Northzone and Pantera led the deal, which reportedly values the company near $500 million.
- More than 98% of transfers on OpenFX settle in under 60 minutes, a sharp change from the two to five business days common in traditional FX.
- Annualized payment volume has risen to about $45 billion from $4 billion a year ago, driven by demand from neobanks, remittance firms, brokerages and payroll platforms.
- OpenFX focuses on wholesale flows and connects bank accounts to blockchain networks using stablecoins, which cuts fees and reduces the need to lock cash in pre-funded accounts across countries.