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OpenFX, the real-time cross-border money movement platform, has acquired Global Ledger, the business founded by Tyler McIntyre. McIntyre previously built and co-founded Novo, a neo-bank serving more than 300,000 businesses that was last valued at over $700 million. He joins OpenFX as Head of Banking to accelerate the firm's product expansion and launch multi-currency accounts, with a waitlist now open.
The accounts will let a company's customers pay it locally in their own currency, with the company able to hold what arrives rather than converting it 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 further currencies to follow. The rails on either side do not need to match, meaning a company can hold dollars and pay a supplier in India over UPI, or give a counterparty a vIBAN and receive USDC into its wallet near instantly.
Multi-currency accounts form the second pillar of OpenFX's Embedded FX strategy, which is designed to bring API-driven, end-to-end payment solutions to treasury product managers. Because they sit alongside OpenFX's existing 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, oversee the growth of OpenFX's licensing footprint across the markets its clients operate in, and work on enhancing the firm's APIs so that every account is fully programmable from launch. The stated aim is for clients to eventually offer these accounts on to their own customers.
Fintechs operating across borders typically need a separate banking relationship in every market they serve, and companies that touch digital assets have persistent difficulty obtaining and retaining those accounts. Closures often come with no stated reason and only a few weeks' notice.
Prabhakar Reddy, Founder and Chief Executive Officer, OpenFX
Prabhakar Reddy, Founder and Chief Executive Officer, OpenFX said:
"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. 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."
Tyler McIntyre, Head of Banking, OpenFX
Tyler McIntyre, Head of Banking, OpenFX commented:
"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. 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.
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