Forex Startup OpenFX Raises $94M To Expand Stablecoin-powered Cross-border Payments

OpenFX, a fintech startup aiming to modernize foreign-exchange markets, raised $94 million in fresh funding as it looks to expand the use of stablecoins in global payments.

The round was led by Accel, Lightspeed Faction, M13, Northzone and Pantera, and values the company at around $500 million.

OpenFX says it now handles more than $45 billion in annualized payment volume, up from $4 billion a year ago. Clients include neobanks, payroll platforms and remittance providers.

With the new funding, the company plans to expand into Southeast Asia and Latin America, two regions where stablecoin use is growing quickly. OpenFX currently operates in the U.S., U.K., UAE and India.

Source: X.com

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