OpenFX is moving deeper into business banking with the acquisition of a Miami fintech startup founded by one of the city's better-known fintech entrepreneurs.
The cross-border payments company has acquired Global Ledger, founded in 2025 by Tyler McIntyre, who previously co-founded Novo, a digital banking platform for small businesses.
McIntyre is joining OpenFX as head of banking and will lead development of the company's new multi-currency accounts, which are currently available through a waitlist.
The product is designed around a problem faced by businesses operating across borders: getting paid in one currency, holding those funds without immediately converting them, and making payments in other currencies without maintaining a maze of separate banking relationships.
From Payments to Banking
OpenFX already operates a cross-border money movement platform. The company says it supports more than 40 currency pairs and settles most transactions in under an hour, including on weekends and holidays.
The new accounts extend that infrastructure into banking.
The initial product will provide named U.S. dollar accounts capable of sending and receiving payments through ACH, Fedwire and SWIFT. OpenFX says the accounts will support payments to more than 100 countries, with additional capabilities planned.
For customers, the idea is to keep the money inside the same platform after a currency conversion rather than moving it to a separate bank.
That's the second piece of what OpenFX calls its "Embedded FX" strategy: combining foreign-exchange liquidity with accounts that can actually hold the resulting funds.
Traditional Rails Meet Stablecoins
The more interesting part of the strategy is how OpenFX plans to combine conventional banking infrastructure with digital-asset payment rails.
A business could, for example, hold U.S. dollars while paying a supplier in India through UPI. It could also provide a virtual IBAN to a counterparty that wants to send USDC directly to the company's wallet.
That combination reflects where cross-border fintech is increasingly heading. Traditional systems remain essential for accessing local banking networks, while stablecoins can provide a faster settlement layer for certain international transactions.
OpenFX is effectively trying to put both inside the same financial infrastructure.
Why Tyler McIntyre Matters
McIntyre brings experience building banking products at scale.
He co-founded Novo in 2016, helping build the digital banking platform for small businesses. According to OpenFX, Novo ultimately served more than 300,000 businesses and was last valued at more than $700 million.
He launched Global Ledger in 2025 with a broader international ambition: creating a transaction banking platform with local payment rails across different markets.
That business now becomes part of OpenFX.
At OpenFX, McIntyre will also oversee the expansion of the company's banking licenses and APIs. The longer-term goal is to allow OpenFX customers to offer financial accounts directly to their own users.
That could turn the company from a behind-the-scenes payments provider into infrastructure that other fintech companies and financial platforms build on top of.
The Banking Problem Behind the Deal
The acquisition also comes against a difficult backdrop for companies operating across borders, particularly those involved in crypto and Web3.
OpenFX cited research from the UK Cryptoasset Business Council, Startup Coalition and Global Digital Finance showing significant difficulties accessing traditional banking services. According to the figures cited by the company, half of surveyed crypto and Web3 companies had either been rejected by a major bank or had an account closed.
Only 14% said they had successfully opened an account they were able to keep, while 75% reported turning to institutions they considered riskier.
For companies moving money internationally, the problem isn't simply finding a bank. It's maintaining reliable access to banking relationships across multiple jurisdictions.
That's the gap OpenFX is trying to address.
A Miami Fintech Building for a Global Market
Founded in 2024 by Prabhakar Reddy, a former co-founder of crypto infrastructure company FalconX, OpenFX operates across the U.S., UK, UAE and India.
The company has more than 15 employees in Miami and at least 90 globally.
That makes the Global Ledger acquisition another example of a Miami fintech company building infrastructure for markets far beyond South Florida.
The acquisition terms were not disclosed. OpenFX says the first 100 companies joining the new accounts waitlist will receive $30,000 in fee credits toward migration costs.
For Miami's fintech ecosystem, however, the more significant development may be the direction of travel: payment companies are increasingly moving beyond moving money and into the underlying banking infrastructure that businesses depend on.
What This Means for Miami
OpenFX's acquisition is another signal that Miami's fintech ecosystem is becoming a base for companies building financial infrastructure for global markets.
The city isn't necessarily the market these companies are serving. Their customers may be businesses moving money between the U.S., Latin America, Asia, Europe and the Middle East. But Miami's concentration of fintech, crypto and international-business talent makes it an increasingly natural place to build those companies.
For local founders, the deal also highlights an important opportunity in fintech: the next generation of financial infrastructure may not fit neatly into either traditional banking or crypto. Companies that can connect bank accounts, local payment rails, foreign exchange and stablecoin settlement could become the infrastructure layer underneath an increasingly global digital economy.
