Our investment in OpenFX: building the future of money movement
TLDR
- Atomico co-led OpenFX’s $94M Series A; the company settles cross-border FX in under 60 minutes at 0.01-0.3% cost, versus the industry’s 2-5 day, 3-5% standard.
Key Takeaways
- OpenFX has processed over $50 billion in total payment volume in two years, with 40+ currency pairs and 25+ local rails available 24/7/365.
- Settlement at the 98th percentile completes in under 60 minutes at any hour; traditional correspondent banking takes 2-5 days and charges 3-5%.
- Stablecoins are the enabling layer: they replace the SWIFT correspondent chain with a cheaper, near-instant settlement rail, which OpenFX uses as infrastructure.
- Founder Prabhakar is a five-time entrepreneur; his previous company FalconX reached an $8 billion outcome building institutional crypto trading infrastructure.
- OpenFX targets financial institutions (remittance platforms, neobanks, payment gateways, payroll processors) as customers, not end consumers directly.
Why It Matters
- $7 trillion crosses borders daily on infrastructure built for batch processing and business hours; OpenFX is replacing that rail, not optimizing it.
- The Asian Development Bank Institute found a 1% rise in remittance inflows can drive a 22% reduction in poverty in emerging nations, giving cost and speed improvements direct humanitarian weight.
- Co-investors alongside Atomico include Pantera Capital Management, M13 Ventures, and Northzone, signaling both crypto-native and traditional fintech conviction in the round.
Atomico · 2026-04-08 · Read the original
