OpenFX has agreed to acquire Embed B.V., a licensed payments infrastructure business based in Amsterdam. The transaction marks OpenFX’s first regulated presence in the European Economic Area and the United Kingdom. Closing is subject to regulatory approval and expected in Q3 2026. Terms were not disclosed.
Embed has built payments infrastructure in the EU & UK, holds a Payment Institution licence from De Nederlandsche Bank, which passports across all 30 EEA member states under PSD2, and a Small Electronic Money Institution licence from the UK Financial Conduct Authority. OpenFX intends to upgrade the UK permission to full Authorised EMI status as its next regulatory milestone.
OpenFX processed over $60 billion in annualised cross-border FX volume in April 2026, operating to date under US state money transmitter licences, a FinCEN MSB registration, and a FINTRAC registration in Canada. The acquisition brings Embed’s payments stack — virtual IBAN issuance, multi-party balance accounts, and SEPA, UK FPS and Swiss bank connectivity — into the OpenFX platform, enabling third-party payment services for EEA and UK clients alongside the existing US footprint.
Embed’s founding team will support integration and continue in operational roles thereafter. Members of Embed’s engineering and finance teams have joined OpenFX.
Prabhakar Reddy, Founder of OpenFX: “As we continue to pursue our mission to bring modern financial rails to the entire world, we are proud to be joined by the team at Embed. They have built a spectacular product that will help grow our capabilities, particularly in Europe.”
Alex Schoonkind, Co-Founder of Embed: “We built this stack for a different use case, but the underlying infrastructure is exactly what a cross-border platform needs: virtual IBANs, multi-rail bank connectivity, EEA and UK coverage. Combining it with OpenFX’s distribution is the right home for the technology.”
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