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The real constraint in cross-border payments was never speed; it was liquidity.
Read more here: openfx.com/blog/the-story…
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Harrison Mann
272 posts
Harrison Mann
@hm4nn
Head of Growth @openfx_ | Scaling fintech & crypto startups Prev. @falconxglobal & @Affirm
Miami, FL Katılım Mayıs 2010
431 Takip Edilen101 Takipçiler
The future of treasury is not more dashboards.
It’s automated execution, instant visibility, and money movement that runs like software. @openfx_ entire roadmap is API and programmatic first.
Stablecoins remove financial intermediaries. LLMs remove operational ones.
That shift is going to reshape cross-border payments. I wrote about it here.
notion.so/Series-A-Progr…
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Harrison Mann retweetledi
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.
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The most misleading phrase in global finance: “instant settlement.”
In most corridors, money doesn’t simply jump from the vendor to the recipient, arriving in their hands instantly after the transfer is initiated. It passes through sometimes dozens of hands, where it is screened, run through a compliance gauntlet, and converted between one or more intermediary currencies.
At every step, fees and the risk of slippage mount. @openfx_ understands this problem deeply at each phase of the payment process and has started with FX conversion to improve.
I wrote a quick, practical explainer with numbers and a mental model you can reuse to understand this process.
#MoneyManagement #CrossChain #remittance
openfx.com/blog/anatomy-o…
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FX Liquidity is the oil of the cross-border payments engine.
Without liquidity, payments seize up, just like an engine, as prices spike with massive slippage and orders fail to fill.
Crypto native, naturally, understands this pain after probably being part of a shit-coin project that mooned and crashed, and you went from being a millionaire to losing it all.
How does the rest of the world relate without understanding the difference between high and low quality liquidity?
My thoughts on it here => openfx.com/blog/high-vs-l…
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Every FX provider advertises "tight spreads" and "deep liquidity" on a sunny day. But what happens when market volatility hits?
Everything breaks down:
Trades are rejected, spreads widen, and settlement times become completely unreliable. Worse of all, these failures are entirely opaque.
Planning around a system so prone to breaking down means spending enormous amounts of time and resources developing complex hedging strategies and operational processes instead of scaling your business.
This is the true cost of low-quality liquidity, the operational drag required to babysit fragile legacy infrastructure.
At @openfx_ , we've built our liquidity infrastructure with market volatility in mind. We focus on liquidity depth that can withstand macroeconomic shocks and transparency, so you always know where your money is.
OpenFX's investors realize how big a problem this is to tackle => @Accel / @PanteraCapital / @M13Company / @FactionVC / @northzoneVC / @atomico / @hash3xyz / @NFX
If you want to learn more about how we differentiate "real liquidity" from everything else, read our recent post.
openfx.com/blog/high-vs-l…
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@openfx_ is lucky to have investors like @latifperacha who truly understands the opportunity to fix cross border money movement in emerging markets and exotic corridors.
Latif Peracha@latifperacha
Pleased to formally announce our investment in @openfx_ , which has raised $94M in its Series A. OpenFX is rebuilding the financial infrastructure for global money movement with stablecoin-powered rails that settle nearly instantly. The business is already processing nearly $50B in transaction volume and just scratching the surface. We're very proud to @prabhakar2reddy + the very talented team. Much more to come…
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Harrison Mann retweetledi
According to J.P Morgan, in 2024 there was over $200 trillion in annual cross-border payment volume. And it's expected to surpass $300 trillion within the next several years.
@openfx_ is tackling one of the largest market opportunities that exits.
Don't miss my interview with @prabhakar2reddy to learn more about OpenFX and how he see's OpenFX changing the way money moves around the world.
Pantera Capital@PanteraCapital
$4 trillion is stuck in legacy payment rails. Cross-border FX is still broken. OpenFX is fixing it. @prabhakar2reddy CEO of @openfx_ joins our Stateful podcast, hosted by @masonnystrom. In this episode, they discuss the future of money movement: - Zero to $40B+ annualized TPV in 18 months, 99.99% automated, 3 people on trade ops - Stablecoins replace SWIFT: cross-border settlement in under 60 minutes, 24/7 - FX spreads compressed by 90-95% in every market OpenFX enters - Agentic payments timeline just collapsed from 7-10 years to 24-36 months - Spot FX could grow from $2 trillion to $200 trillion a day as the pipes widen 00:59 Why Cross-Border FX Is Still Broken in 2025 03:35 GBP to MXN in Minutes: How Open FX Works 07:14 $4 Trillion Stuck in Transit Right Now 07:44 Zero to $40B TPV in 18 Months 09:07 The 3 Factors Behind Open FX's Explosion 12:08 Payments Is Going Through a Complete Upheaval 14:55 AI Agents Won't Wait 3 Days for Money to Move 16:42 Open FX Is Building the AWS of Money 17:10 Do Fintech Moats Still Exist? 18:40 Moving $100B in Crypto vs. 5 Days for Wires 19:40 Why Crypto Companies Die Without Compliance 20:14 Culture Is Just the Founder's Personality Scaled 22:08 The World Order Is Changing 23:22 Agent Payments: From 10 Years Away to 24 Months 24:35 Where a Payments Insider Would Bet Today 25:47 Why There's No Universal Founder Advice
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@PanteraCapital recognizes the pain identified by @openfx_ and @prabhakar2reddy in the trillion-dollar annual FX market, which still settles via infrastructure that takes 2-5 business days. Conversion costs run 50-150 bps. And trillions sit locked in pre-funded accounts just to make the system work.
@Wise and @airwallex have solved a lot of this for retail and SMB on G10 pairs. Fast settlement, transparent pricing, tight spreads.
Where @openfx_ focuses is different - emerging market corridors.
MXN, BRL, COP, ARS. Corridors where correspondent banking is slow, unreliable, and expensive. Where USD liquidity is hard to source at any price. Where domestic payment systems like UPI or PromptPay are excellent but cross-border rails between them are fragmented.
That's where stablecoins as a settlement bridge start to make structural sense.
Pantera Capital@PanteraCapital
$4 trillion is stuck in legacy payment rails. Cross-border FX is still broken. OpenFX is fixing it. @prabhakar2reddy CEO of @openfx_ joins our Stateful podcast, hosted by @masonnystrom. In this episode, they discuss the future of money movement: - Zero to $40B+ annualized TPV in 18 months, 99.99% automated, 3 people on trade ops - Stablecoins replace SWIFT: cross-border settlement in under 60 minutes, 24/7 - FX spreads compressed by 90-95% in every market OpenFX enters - Agentic payments timeline just collapsed from 7-10 years to 24-36 months - Spot FX could grow from $2 trillion to $200 trillion a day as the pipes widen 00:59 Why Cross-Border FX Is Still Broken in 2025 03:35 GBP to MXN in Minutes: How Open FX Works 07:14 $4 Trillion Stuck in Transit Right Now 07:44 Zero to $40B TPV in 18 Months 09:07 The 3 Factors Behind Open FX's Explosion 12:08 Payments Is Going Through a Complete Upheaval 14:55 AI Agents Won't Wait 3 Days for Money to Move 16:42 Open FX Is Building the AWS of Money 17:10 Do Fintech Moats Still Exist? 18:40 Moving $100B in Crypto vs. 5 Days for Wires 19:40 Why Crypto Companies Die Without Compliance 20:14 Culture Is Just the Founder's Personality Scaled 22:08 The World Order Is Changing 23:22 Agent Payments: From 10 Years Away to 24 Months 24:35 Where a Payments Insider Would Bet Today 25:47 Why There's No Universal Founder Advice
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@0xDaedalus @tryramp Have your customers discovered that USDT/USD conversion is not always 1:1 and can depending on market liquidity can actually be 5% difference at redemption?
The off-ramp problem is the hidden cost that I think many user don’t realize yet.
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Wirex BaaS hit $1B in annualized onchain card volume in 131 days.
- 2x faster than RedotPay.
- 6x faster than Rain.
$105M in March, 2.4M transactions — more than both combined. 300 partners building.
Full breakdown in the article. @wirexapp
Pavel Matveev@matveevp
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I've spent my career watching fintech promise to fix cross-border payments - and then optimize around the same broken infrastructure instead of replacing it.
What we're building at OpenFX is different. The North American market alone moves trillions across borders every year, and the friction is still embarrassingly high.
The "global HQ" model isn't just a philosophy, it's the only architecture that can actually solve a distributed problem. Proud to be leading that charge from this side of the Atlantic. 🌎
OpenFX@openfx_
In the 1990s, construction workers in Dubai stood in long lines to pay a 7% fee just to send their paychecks home. In 2022, after a tech revolution that put supercomputers in our pockets, those exact same lines were still there. Why?
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This is awesome.
The Bank of Canada just published a report on Aave and referenced a report on flash loans that our analyst @JackMandin wrote last year.
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@obchakevich_ The off-ramp diagram hides a lot of the complexity that happens in the FX conversion. Think there is a lot to explain to users around how liquidity partners play a critical role in this step.
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Cross-border payments are the most promising use case for stablecoins. Stablecoins address a massive need involving billions of dollars moving between countries every day, where every percentage point of fees represents real money belonging to real people.
Transactions are becoming cheaper, but it’s not even about the price, it’s about the fact that transactions are becoming faster, more transparent, and more accessible.
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Lucky to have @Accel on the @openfx_ cap table.
Rarely do you have great investors who understand the vision so clearly and understand the cross-border money movement problem in emerging markets and exotic currencies so clearly.
#investors #payments
Accel in India@AccelIndia
Cross-border payments remain stuck in the past — slow, expensive, and reliant on legacy systems. @prabhakar2reddy is building the fix: @openfx_, a real-time FX settlement network that moves money as seamlessly as data. Today, global payments take 2–7 days to settle. OpenFX clears 90% of transactions in under 60 minutes — and does it at up to 90% lower cost. With its continuous settlement model and multi-layer liquidity engine, OpenFX is radically rethinking how capital moves across borders. In just a year, it has scaled to $10B+ in annualized transaction volume, serving neobanks, remittance players, brokerages, and global payroll platforms. We’re excited to partner with Prabhakar and the OpenFX team as they modernize the world’s financial plumbing. Welcome to the #AccelFamily! Read more: fortune.com/2025/05/22/ope…
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Harrison Mann retweetledi
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It's stablecoin M&A szn
Over the last 15 months we've seen acquirers of all shapes: PSP (Stripe), blockchains (Monad, Polygon), exchanges (Coinbase), on/off ramps (MoonPay), and now card networks (Mastercard).
@rparekh and @turbahn both built at the core, wallet-infra layer of the stablecoin stack, and have made it to the other side of the M&A process.
The market is consolidating, we dig into why it'll continue to be chaotic
Money Code@MoneyCodePod
As stablecoin payments become more embedded in the market, the stack behind them is starting to change too. On the latest episode of Money Code, @chuk_xyz and @rparekh are joined by Itai @turbahn, Co-founder and CEO of @dynamic_xyz, to unpack the M&A wave across the stack, how wallet infrastructure is evolving, and what converging stacks could mean for the future of stablecoin payments, financial products, platforms, and banking. Worth watching if you care where payments infrastructure is heading.💡 Full episode now live! 👇
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early innings
OpenFX@openfx_
We came out of stealth nine months ago at $8B in volume. As of February we crossed $45B. Revenue is up 10x. This week we raised a $94M Series A. @Accel, @atomico, @FactionVC, @northzoneVC, @M13Company, @PanteraCapital, some of the biggest names on both sides of finance chose to back us. You might be wondering why.
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