OpenFX, a company that developed a real-time cross-border money movement platform, has acquired Global Ledger, a startup founded by Miami fintech entrepreneur Tyler McIntyre, as it moves to expand from cross-border payments into business banking accounts.
As part of the acquisition, McIntyre has joined OpenFX as head of banking and lead development of the company’s new multi-currency accounts, which are now available through a waitlist. The product is designed to allow businesses to receive payments in local currencies, hold the funds in those currencies and make payments without automatically converting the money upon receipt.
The initial offering will include named U.S. dollar accounts capable of sending and receiving funds through ACH, Fedwire and SWIFT. OpenFX said the accounts will support payments to more than 100 countries, with additional capabilities planned.
The company is also positioning the accounts as a way for businesses to combine traditional banking infrastructure with newer digital-asset payment rails. For example, a company could hold dollars while paying a supplier in India through the country’s UPI payment system, or provide a virtual IBAN to a counterparty that sends USDC directly to the company’s wallet.
For OpenFX, the acquisition represents the second component of its broader “Embedded FX” strategy. The company says its accounts will sit alongside its existing foreign-exchange liquidity infrastructure, allowing customers to convert currencies and immediately hold the resulting funds within the OpenFX platform rather than transferring them to an outside bank.
McIntyre founded Global Ledger in 2025, which he described as a global transaction bank with local rails for the world’s money. In 2016, he co-founded Novo, a digital banking platform for small businesses that served more than 300,000 businesses and was last valued at more than $700 million, according to OpenFX. At OpenFX, McIntyre will also oversee the expansion of the company’s banking licenses and its APIs, with the longer-term goal of allowing OpenFX customers to offer accounts directly to their own users.
The move comes as fintech and digital-asset companies continue to face challenges accessing traditional banking services across multiple jurisdictions. OpenFX cited a survey of crypto and Web3 companies from the UK Cryptoasset Business Council, Startup Coalition and Global Digital Finance, which found that half of respondents had either been rejected by a major bank or had an account closed. Only 14% said they had successfully opened an account that they were able to keep, while 75% reported turning to institutions they considered riskier.
“Traditional financial institutions often see payment companies as more risky than they are,” 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 … saw earlier than almost anyone what modernizing rails mean for banking,” he noted in the company’s announcement,
In a post detailing the news, McIntyre highlighted how traditional institutions often excise new models rather than adapt, creating operational friction that forces global businesses to manage redundant, costly banking relationships worldwide.
“I started Global Ledger so a business could hold, send and receive money in any market as if it banked there,” McIntyre said. “OpenFX had already built the settlement network and the liquidity product those accounts depended on; working together felt like a no-brainer.”
Founded in 2024 by Reddy, a former co-founder of crypto infrastructure company FalconX, the venture-funded OpenFX operates across the U.S., UK, UAE and India. The company, which has more than 15 employees in Miami and at least 90 worldwide, says its platform supports more than 40 currency pairs and settles the majority of transactions in under an hour, including during weekends and holidays. Terms of the acquisition were not disclosed.
OpenFX said the first 100 companies to join the new accounts waitlist will receive $30,000 in fee credits toward migration costs.
This post has been updated.
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