OpenFX Brings Cross-Border Payment Solutions to Brazil

OpenFX, an FX infrastructure company focused on institutional money movement, has expanded into Brazil, aiming to improve the speed and efficiency of cross-border payments in Latin America's largest economy.

The firm positions its platform as a modern alternative to existing systems that often require days for settlement. By integrating with Brazil's domestic real-time payments system PIX, OpenFX promises to extend the country's instant payments model to global transactions. This could benefit exporters, importers, and fintechs that rely heavily on international flows.

Founder and CEO Prabhakar Reddy praised Brazil's financial innovations, noting that while domestic transfers have become near-instant, cross-border payments remain slow. "We are making OpenFX's solutions available in Brazil to provide the modern financial rails its businesses deserve," he said, calling it an opportunity to unlock the country's potential on the world stage.

The expansion follows a USD 23 million funding round led by Accel and the company's earlier move into Mexico. With this additional presence in Brazil, OpenFX is positioning itself to tap into a remittance market that is both highly active and competitive.

In just one year, the company has already processed USD 10 billion in annualized cross-border volume, underscoring the demand among institutions for faster, lower-cost infrastructure. For Brazil, a market known for its fintech dynamism, the arrival of OpenFX could further bolster its global financial connectivity.