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OpenFX acquires Global Ledger to launch multi-currency accounts for fintechs. August 06, 2026 Novo co-founder Tyler McIntyre joins as Head of Banking; OpenFX will be launching a waitlist for their multi-currency accounts product, the first one hundred companies to join the waitlist receive $30,000 in fee credits MIAMI, Aug. 06, 2026 (GLOBE NEWSWIRE) - OpenFX, the real-time cross-border money movement platform, announced today that it has acquired Global Ledger, founded by Tyler McIntyre. McIntyre previously built and co-founded Novo, a neo-bank serving >300,000 business last valued at over $700M. McIntyre is joining as Head of Banking to accelerate OpenFX's product expansion and launch multi-currency accounts, with a waitlist available today. These accounts will let a company's customers pay it locally in their own currency, and let the company hold what arrives rather than converting on receipt. OpenFX is launching with named USD accounts that send and receive over ACH, Fedwire and SWIFT, paying into and out of more than 100 countries, with more to follow. The rails on either side do not need to match: a company can hold dollars and pay a supplier in India over UPI, or give a counterparty a vIBAN and receive USDC in its wallet near instantly. Multi-currency accounts are the second pillar of the company's Embedded FX strategy, designed to bring API-driven, reliable, end-to-end payment solutions to treasury product managers. Because they sit alongside OpenFX's world-class liquidity product, clients will be able to book a currency conversion and hold the converted funds immediately, without moving assets to an outside bank or reconciling against a third-party statement. As Head of Banking, McIntyre will lead the accounts product, the growth of OpenFX's licensing footprint across the markets its clients operate, and the work of enhancing their world-class APIs to ensure every account is fully programmable from launch. The goal is for clients to soon be able to offer these accounts to their own customers. Fintechs operating across borders generally need a separate banking relationship in every market they serve, and companies that touch digital assets have persistent difficulty obtaining and keeping those accounts. Closures often come with no stated reason, and only a few weeks' notice. In a survey of crypto and Web3 firms published by the UK Cryptoasset Business Council, Startup Coalition and Global Digital Finance, half of respondents had either been rejected when applying to a major bank or had an account closed, and only 14 percent opened an account they were able to keep. Three quarters reported turning to institutions they considered riskier. "Traditional financial institutions often see payment companies as more risky than they are because they don't fully understand the structure of their business, so their best answer is to de-bank them," said Prabhakar Reddy, founder and CEO of OpenFX. "We already move billions of dollars for these companies every day. We know these flows well, which is why we can provide them with more reliable service. Tyler has spent a decade building accounts that businesses want to use, and he saw earlier than almost anyone what modernizing rails mean for banking. We share the same goal, no one should have to think about how their banks works, it should just work." "Stablecoins are the first payment rail that works instantly everywhere and never closes. The obvious thing to build on top of a rail like that is an account," said Tyler McIntyre, Head of Banking at OpenFX. "I started Global Ledger so a business could hold, send and receive money in any market as if it banked there. OpenFX had already built the settlement network and the liquidity product those accounts depended on, working together felt like a no-brainer." Terms of the acquisition were not disclosed. The waitlist is open at [openfx.com/accounts]. The first 100 companies to join will receive $30,000 in fee credits to offset the cost of migrating. OpenFX's platform settles transactions across more than 40 currency pairs, with the majority completing in under an hour, and operates continuously, including weekends and holidays, when traditional settlement systems are closed. About OpenFX OpenFX is building the financial market infrastructure for the modern economy through its real-time cross-border money movement platform and settlement network. By combining stablecoin rails with innovative last-mile liquidity sourcing models, OpenFX enables near-instant FX settlements across borders, making money transfers 99 percent faster, up to 90 percent less expensive, and available 24/7/365. Founded in 2024 by serial entrepreneur Prabhakar Reddy, former co-founder of FalconX, the company has grown to a global team operating across the U.S., UK, UAE and India. OpenFX's platform supports more than 40 trading pairs and serves established fintech companies, neobanks, remittance providers and global payroll platforms. Learn more at www.openfx.com. Media Contact [email protected] AAPR aggregates press releases and media statements from around the world to assist its news partners with identifying and creating timely and relevant news. All of the press releases published on this website are third-party content and AAP was not involved in the creation of it. Read the full terms.

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OpenFX has acquired payments infrastructure firm Embed, giving the company its first regulated presence in the European Economic Area and United Kingdom. Embed holds licences in all EEA states and the UK via the Financial Conduct Authority. The deal is expected to close in the third quarter pending regulatory approval. Financial terms were not disclosed. Embed's founding team will take operational roles at OpenFX, whilst engineering and finance staff will join the parent company. OpenFX emerged from stealth last year with $23 million in funding and raised a further $94 million in a Series A round in March. The company is building global financial infrastructure to enable cross-border payments, positioning itself as the platform through which remittance companies, neobanks and payroll processors can operate without rebuilding infrastructure.