OpenFX, the foreign exchange infrastructure company, said this week that it has launched operations in Brazil, aiming to modernise cross-border payments for businesses in the country.
OpenFX Launches in Brazil to Streamline Cross-Border Payments
The move follows a $23 million funding round led by Accel and the company’s recent expansion into Mexico.
OpenFX said its entry into Brazil would ease the friction businesses face when trading internationally, where settlement delays, high transaction costs and opaque pricing remain common despite the success of domestic systems such as PIX.
“Brazil has built something remarkable: digital payments infrastructure that moves money instantly for 150 million people, a fintech ecosystem that rivals Silicon Valley, and industrial champions that feed and fuel the world,” said Prabhakar Reddy, founder and chief executive of OpenFX.
“Yet when these same companies reach beyond Brazil’s borders, they hit a wall, facing cross-border payments that take days, not seconds. We are making OpenFX’s solutions available in Brazil to provide the modern financial rails its businesses deserve, eliminating artificial delays that constrain growth and unlocking the nation’s full potential on the world stage.”
OpenFX said its platform can extend the real-time principles of PIX to international transactions, with settlement times of under 60 minutes compared to the usual one to three business days, and cost reductions of up to 90%.
The company’s infrastructure operates continuously, providing businesses with 24/7 access to global FX markets, while its transparency and security tools are designed to ensure regulatory compliance and efficiency.
The firm processed $10 billion in annualised cross-border volume over the past year.
