OpenFX

There are two ways to touch 8 billion lives: acquire 8 billion individual customers, or build the infrastructure for the institutions that already serve them.

We chose the latter.

Today we're announcing OpenFX’s $94M Series A from @Accel, @atomico, @FactionVC, @M13Company , @northzoneVC, @PanteraCapital, and with support from existing investors @flybridge and @hash3xyz.

Two big announcements.

The first is that we have acquired the neobank Global Ledger, and as a part of that deal are bringing on its founder Tyler McIntyre as Head of Banking. Tyler has over a decade of experience in the industry and in that time founded both Global Ledger and the small business bank Novo. He is going to bring his knowledge and talent to help us design new products to rethink how payment providers hold currency.

The second is that as Tyler’s first act, we are opening a waitlist for our multi-currency accounts product.

This will allow you to hold what you were paid in and pay out from that same place, converting whenever it suits your treasuries needs.

You no longer have to park pre-funded balances across multiple providers, waiting to be drawn down against payouts. Your money also stops converting twice, reducing fees and delays.

This product is another step towards our mission of Embedded FX, providing fintechs with reliable, API-driven, end-to-end transactions. These accounts sit alongside our world-class liquidity product, so your funds are there where the trade is already happening.

We're starting with named USD accounts on ACH, Fedwire and SWIFT, paying into and out of more than 100 countries, and plan on adding currencies from there.

The first 100 companies to join receive $30,000 in fee credits.

Sign up for our waitlist today: openfx.com/accounts?utm_s…

“The blockchain solved cross-border payments, and anyone still struggling just hasn’t adopted them yet.”

This is basically nonsense. A common sentiment, and not entirely unjustifiable, but basically nonsense.

Sit in any payments company pitch in 2026 and you'll hear "instant blockchain settlement" within the first five minutes. People nod along because it’s partially true. We all pretend that moving stablecoins between wallets was the thing that needed solving.

But we all know there is more to it than that.

If you've ever actually tried to get $50 million through an exotic corridor on a Saturday night, you know the blockchain transfer is the least of your worries. Maybe 1% of the problem.

Here's what everyone knows but rarely talks about in the marketing copy:

Before that five-second transfer can happen, you need to clear that $50M through domestic banking rails. Run compliance screening. Handle the edge cases that trigger manual review. Get the money on-chain in the first place.

After that five-second transfer, you need liquidity in the target currency. Not thin liquidity that slips when you execute at size, but actual depth. That makes banking partners willing to take your calls after getting home from their kid’s soccer game.

Then you need to navigate local payment rails that work differently in every jurisdiction. Then you need to land the funds in a bank account that's willing to receive them.

The blockchain transfer sits in the middle of all of this – fast, commoditized and largely irrelevant.

Exotic corridors don't fail on-chain. They fail at the off-ramp. They fail because not many people  have those kinds of banking relationships. They fail because liquidity doesn't exist at the depth you need between BRL and AED. They fail because for a long time everyone was worried about moving G3 dollars a micro-second faster, and almost no one focused on building rails the rest of the world could use.

Here at OpenFX we say that we want to "move money like data.”

But what does that mean?

That means caring about every part of the transaction – the iceberg, above and below the surface.

It also means caring more about emerging markets and exotic corridors, where these problems are even more acutely felt.

Blockchain as a selling proposition is over. Wallet-to-wallet transfers are fully commoditized.That part of the game has been won, what matters now is whether the money wallets move actually lands in the account your supplier can access, in the currency they need, on the timeline you promised.

That's an operations problem. An infrastructure problem. A relationships problem.

The kind of hard problem we were built to solve.

It's Saturday night. The Peso just dropped 4%.

Your company has $40 million exposed and the hedge you meant to place Friday is stuck in queue.

You're texting your RM. He's at a birthday party. He's really sorry.

This is how trillion-dollar FX infrastructure actually works.

Bloomberg terminals and 2-5 day settlement times, assuming nothing gets held.

We've stopped noticing how insane this is because for a long time the world did not move fast enough for it to matter.

If the last several years has taught us anything, it is that this is no longer the case.

Once-in-a-generation shocks show up quarterly, a system that can't handle a 4% Friday move won't survive what's coming.

To keep up, cross-border payments will increasingly need to be automated.

Routine work is migrating to systems that don't sleep. And human treasurers are increasingly called on to exercise judgement, and provide transparency.

We're building our tooling with that future in mind, APIs and automated treasury systems that help treasury desks survive this future.

Read more here: openfx.com/blog/automated…

Our Founder @prabhakar2reddy had the opportunity to sit down with Atomico to discuss his entrepreneurial journey.

In this clip, he describes how he decides which ideas to pursue, and the personal story that led him to start OpenFX.

Some of the key take-aways:

- Have a clear vision of the future, of what is possible.
- Double down in those domains where this future meets your unique abilities.
- Invest in others who can carry the torch in those areas outside of your expertise.

This is a part of a much longer interview that you can see if you visit @atomico's page.