Accel-backed OpenFX appoints former CoinDCX AVP as India product lead

OpenFX, a fintech infrastructure startup for cross-border payments, has appointed a former CoinDCX executive Sourav Karmakar to lead its India business. The firm has also appointed Alex Rowles as Head of Trading and Risk and Ethan Mackie to lead Product Operations.

In his Linkedin post, founder and CEO Prabhakar Reddy said that the company is also 𝗵𝗶𝗿𝗶𝗻𝗴 across engineering, product, and operations.

For India, Karmakar has been appointed as INR Product Lead. Formerly India AVP Product at CoinDCX, he has joined OpenFX to lead the company’s INR-focused cross-border remittance offerings for businesses. His role includes developing INR payment infrastructure for cross-border transactions and overseeing OpenFX’s expansion in global B2B payments.

Beyond crypto, Karmakar has experience across fintech and consumer internet businesses. His previous roles include positions at WhiteHat Jr, Vedantu, DocsApp–MediBuddy, and Koo.

Founded by serial entrepreneur Reddy, former co-founder and COO of FalconX, OpenFX is building a real-time FX network for near-instant cross-border settlements. The platform claims to make FX transfers 99% faster and up to 90% cheaper, while running round the clock throughout the year, without the limits of banking hours, weekends, or holidays.

The development comes six months after OpenFX’s $23 million seed funding round led by Accel, with participation from NFX, Lightspeed Faction, Castle Island Ventures, and others. At the time of the fundraise, the company had a team of 42 operating globally across the US, UK, UAE, and India.