OpenFX raises $94M for stablecoin cross-border payments

Fintech startup OpenFX has secured $94 million in a funding round led by Accel and Lightspeed Faction, valuing the company at approximately $500 million. The company bridges traditional banking with digital assets to facilitate faster and cheaper foreign-exchange conversions for businesses. OpenFX, founded in 2024, has rapidly grown its annualized payment volume to over $45 billion and plans to expand its operations into Southeast Asia and Latin America. This expansion is driven by the increasing adoption of stablecoins in these regions for cross-border transactions.