Miami's OpenFX launches venture arm, backs Jeeves and Cyclops
What's the deal? OpenFX, the cross-border payments company, has launched OpenFX VenturesDealroom has a profile for this one. Try Dealroom →, a corporate investment arm backing early-stage payments startups. It has already backed two other Miami fintechs: Jeeves, which raised $110 million in September, and Cyclops, which raised $20 million in July.
The details: OpenFX Ventures plans to write checks of $20,000 to $100,000 for early-stage companies building payments infrastructure. The fund is led by Karan Shah, OpenFX's chief of staff, who also invested personally in Jeeves' round alongside angels including Zach Abrams of Bridge and Sean Neville of CircleDealroom has a profile for this one. Try Dealroom →.
What's it looking for? The fund will back founders across the US, Europe, Latin America, and APAC. Targets include credit on the blockchain, routing and clearing infrastructure, and AI-native payment operations.
What's the endgame? Portfolio companies get more than capital — OpenFX says they will also receive connectivity to its markets and early access to upcoming products. OpenFX began investing informally about a year earlier, writing small checks to friends, customers, and vendors before formalising the effort.
OpenFX launched in 2024 to modernise cross-border foreign-exchange transfers using stablecoins. It raised a $94 million Series A in March from Accel, Atomico, and Lightspeed FactionDealroom has a profile for this one. Try Dealroom →, and says it now serves more than 100 fintechs and has grown to more than $80 billion in annualised transaction volume in under two years.
The signal: A young payments company is already seeding its neighbours — a sign of how fast Miami's stablecoin-focused fintech cluster is maturing. Both first bets, Jeeves and Cyclops, use stablecoins in their international businesses, underlining where OpenFX sees the next generation of payments heading.
Read more: hoodline.com
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