OpenFX secures USD 23 million in initial funding

Led by Accel, OpenFX’s funding round also saw participation from NFX, Lightspeed Faction, Castle Island Ventures, Flybridge, Hash3, and other strategic fintech investors. The news follows the company’s substantial growth in under one year since its stealth launch at the beginning of 2024.

OpenFX’s development strategy

OpenFX focuses its efforts on developing a real-time, open, transparent FX network that facilitates near-instant settlement of cross-border transactions. The firm’s platform intends to minimise payment complexity by making FX transfers more efficient and cost-effective while also operating constantly, mitigating the constraints of banking hours, weekends, and holidays.

Moreover, OpenFX’s multi-layer liquidity architecture utilises advanced financial technology to connect traditional banking rails with digital-native systems. The company’s capital-efficient liquidity model removes the need for extended balance sheets often required by traditional FX providers.

With the newly acquired capital, OpenFX aims to accelerate its commitment to improve the global financial system, with immediate plans to scale into Latin American and Asian markets, roll out its treasury management solutions, and extend its regulatory framework across strategic jurisdictions.

Since its initial launch, the company has further advanced its cross-border payment platform and settlement network, processing transactions across G20 FX pairs while maintaining institutional-grade security and reliability. Some of its customers span global geographies and fintech categories, including remittance providers, neobanks, brokerages, payment processors, and global payroll organisations.

Commenting on the news, representatives from Accel mentioned that, as OpenFX centres on tackling a market inefficiency with institutional-grade infrastructure, their company aims to support OpenFX in creating a secure, trusted platform that enterprises can rely on, merged with extended execution capabilities. Through its solutions, the firm seeks to build a safe and trusted infrastructure that developers and businesses can leverage to optimise cross-border commerce.