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OpenFX Raises $23M to Solve Stablecoin Last-Mile Problem

Hey Payments Fanatic!

OpenFX stepped into the light with $23 million in funding led by Accel. The company, founded by Prabhakar Reddy, is developing a platform that enables near-instant cross-border payments by using stablecoins to move money. It’s an attempt to rewire the plumbing behind global payments, without asking end users to change how they interact with money.

Reddy is no stranger to the backend of financial systems. At FalconX, the crypto brokerage he previously co-founded, he saw how global capital flowed (or didn’t) between banks, countries, and currencies. He describes it as fragmented and costly, a process often dependent on the decades-old SWIFT network.

That experience led to a realization: stablecoins could streamline FX by serving as an always-on intermediary, but only if someone solved the “last mile” problem: getting stablecoins in and out of local currency efficiently.

That’s the layer OpenFX is targeting. Unlike Bridge or BVNK, which help companies hold and use stablecoins for operations, OpenFX is focused on the backend: turning fiat into stablecoins and back again. This could reshape how fintech firms manage liquidity across borders. Today, they’re live with seven currencies, including dollars, euros, and Mexican pesos, and plan to add more by summer, particularly from the Southeast Asia.

The mechanics are already in motion. OpenFX executed its first trade in March 2024. According to Reddy, they can bring FX spreads down from 69 basis points to below 10. He claims 90% of transactions settle in less than an hour. Reddy didn't name any clients, but it's clear OpenFX targets fintechs with global exposure, like remittance platforms, digital banks, payroll processors.

Stablecoins remain a volatile topic in regulation and perception. But behind the scenes, they’re gaining traction, not just as crypto instruments, but as practical infrastructure. Reddy’s vision is less about riding trends and more about function: “We’re building this company with one single mission—to make money move across borders as seamlessly as data.” If the rails work, that mission may quietly become reality.

Read more global payment industry updates below👇 and I'll be back with more tomorrow!

Cheers,

Marcel

NEWS

🇺🇸 JPMorgan, Bank of America, Citigroup, and Wells Fargo explore a joint stablecoin project to challenge digital asset platforms. Discussions within the bank consortium are in early, conceptual stages and remain subject to change. Any final decision would depend on the fate of legislative actions around stablecoins and other factors.

🇪🇺 Visa and Mastercard fees hit by new round of EU antitrust scrutiny. The fresh scrutiny comes on the heels of comments from European Central Bank President Christine Lagarde that the 27-member bloc needs to reduce its dependence on foreign payment providers.

🇬🇧 Revolut joins new European payment wallet “Wero”. The British FinTech is not yet joining the "European Payments Initiative" (EPI), which is behind Wero, as a shareholder, but will very much become a "scheme member," meaning it plans to offer Wero as a payment solution to its customers soon.

🌍 XRP Ledger Community gets its first MiCA-regulated euro stablecoin, issued by Schuman Financial. This milestone positions EURØP as a pioneer among euro-denominated digital assets operating on a widely adopted blockchain infrastructure. The introduction of EURØP is expected to expand the utility of blockchain technology across euro-denominated markets.

🇬🇧 UK FinTech MuchBetter partners with NatWest to launch business accounts through its new business banking offering, MuchBetter Business (MBB). NatWest will provide essential fund safeguarding, access to payment schemes, foreign exchange capabilities, and comprehensive banking support for its new B2B solution.

🇨🇴 Worldpay continues expansion into Latin America with domestic acquiring in Colombia. The company gives key solutions, including its advanced e-commerce payments technology, multi-layered fraud protection, 3D secure, and secure customer authentication, authorization, clearing and settlement, dispute management, and data insights.

🌍 Onramper partners with Opera's MiniPay to expand global access to stablecoins. The partnership allows Onramper to onboard more customers in SEA into the stablecoin ecosystem, utilising a gateway that is simple and secure to leverage through the use of a phone number.

🌍 EBANX appoints Marie-Elise Droga as CRO. Droga steps into her new role with the mission to further expand EBANX’s client portfolio, currently comprising over 500 enterprise merchants from North America, Europe, and APAC, and grow the FinTech’s footprint beyond the 29 countries it operates in across Latin America, Africa, and Asia.

🌏 areeba, Foo to deliver digital payment services in the Middle East. This offering enables banks and FinTechs to build their own secure and scalable card programs and wallets without the need for complex infrastructure. The partnership removes traditional barriers and accelerates go-to-market timelines.

🇮🇳 Getepay receives RBI approval to operate as an online payment aggregator. The digital payment platform has secured final authorisation from the RBI to operate. Aiming to empower SMEs, particularly in Tier 2, Tier 3, and rural areas, it plans to scale its operations and broaden its merchant offerings across India.

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