OpenPayd Hits $107 Million ARR Building the Rails Between Banks and Stablecoins

Stablecoins, the digital dollars and euros that settle on public blockchains, have grown into a $322.5 billion market by May 2026, adding close to $100 billion of supply in a single year. The bigger shift is in how they are used, because real stablecoin payments reached about $390 billion in 2025 and business-to-business transfers made up $226 billion of that total after growing 733% in a year.

Even after that jump, B2B stablecoin payments equal only about 0.14% of the $160 trillion global B2B payments market (our arithmetic), which leaves a vast amount of corporate money still moving on bank rails. The problem for companies is that they now need both systems at once, with bank accounts and card networks on one side and blockchains on the other, while most providers were built for only one of them.

OpenPayd, a London financial infrastructure company that lets businesses move money across fiat and stablecoin rails through a single API, reached $107 million in annualized revenue in October 2026. Its second-quarter revenue rose 44% year on year to $25.4 million, with stablecoin orchestration supplying 30% of its first-half growth. The results come as OpenPayd prepares to list on Nasdaq through its $1.145 billion combination with Titan Acquisition Corp.

Stablecoins Move Into Business Payments

For most of their history stablecoins were a tool for crypto traders, used to park money between trades on exchanges. That has changed quickly, since McKinsey and Artemis estimate that about 58% of real stablecoin payments in 2025 were business-to-business, covering supplier invoices, treasury transfers and cross-border settlement between companies.

Businesses are drawn by speed and cost, because a stablecoin transfer can settle in minutes at any hour while a cross-border bank wire can take days and pass through several intermediaries. B2B stablecoin volume grew more than 730% in 2025 to $226 billion, yet it remains a sliver of the trillions that companies move each year, which is why infrastructure that connects both systems has become a priority for payment firms, exchanges and banks alike.

Revenue and Run Rate

OpenPayd's annual recurring revenue, or ARR, reached $107 million in October 2026, up from more than $85 million in March 2026, which is a 26% rise in seven months (our arithmetic). The company calculates ARR by taking the revenue it recognized in October and multiplying it by twelve, so the figure is a snapshot of the current monthly pace. It includes transaction fees, subscriptions and minimums, foreign exchange margin, interest earned on client balances, operational fees and setup fees.

That run rate builds on a long growth record, as FXC Intelligence puts OpenPayd's revenue at $19 million in 2023, $39 million in 2024 and $57 million in 2025, which is a tripling in two years. FXC also put 2025 EBITDA, a measure of operating profit before interest, tax and depreciation, at about $12 million, or a 21% margin, which means OpenPayd grew quickly while staying profitable at the operating level.

The quarterly figures show the pace has held. Revenue for the second quarter of the 2027 financial year, which covers August to October 2026 because OpenPayd's year ends on 30 April, rose 44% year on year to $25.4 million, with growth calculated in euros. First-half revenue for May to October reached $47.5 million, which implies about $22.1 million in the first quarter and a 15% rise from one quarter to the next.

All of these figures are unaudited and were converted from euros at $1.16 per euro. ARR is a supplemental operating measure that rises and falls with customer activity, volumes, pricing and interest rates, so it describes the current pace of the business and is not a forecast of the next twelve months.

Fiat and Stablecoin Orchestration

Fiat infrastructure, meaning bank accounts, currency exchange and payments in traditional money, accounted for 70% of OpenPayd's first-half banking and payments revenue growth, excluding interest income. Stablecoin orchestration supplied the other 30%. Orchestration here means routing a client's money between bank rails and blockchain rails, converting between currencies and stablecoins as needed, so a business can choose the best route for each payment through one connection.

OpenPayd launched its stablecoin infrastructure in May 2025. First-half revenue from that business grew from $0.5 million to $3.9 million in its second year, a 7.8x increase from a small base (our arithmetic). Stablecoins are also pulling in new business, since customers onboarded during FY27 delivered 34% of first-half banking and payments revenue growth, while stablecoin orchestration made up 32% of those new customers' revenue.

Clients, Volume and Balances

OpenPayd served more than 1,260 corporate clients in October 2026, up from about 1,100 at the time of its Nasdaq deal in June and 742 in 2025. Its clients include eToro, Kraken, OKX and B2C2, with financial institutions, digital asset firms and FX trading companies making up the largest groups, as FXC's breakdown shows them at about 30%, 25% and 25% of the client base.

Annualized transaction volume, another run-rate measure based on the current month, passed $360 billion, up from more than $240 billion in March 2026 and $22 billion of total volume in 2023, a 16-fold rise (our arithmetic). Client balances held on the platform exceeded $1 billion. Those balances are client funds and not OpenPayd's own cash, though they also earn the interest income that forms part of the company's revenue.

Rails-Agnostic Infrastructure in 2027

Dr Ozan Ozerk founded OpenPayd in 2018 to give businesses a single platform for moving and managing money globally. The company is now led by chief executive Iana Dimitrova. Its products include embedded accounts, foreign exchange, domestic and international payments, Open Banking and stablecoin on-ramps and off-ramps, which are the services that let a business convert between bank money and stablecoins.

The company describes its platform as rails-agnostic, which means it does not push clients toward either bank transfers or blockchains. Clients use whichever route works best for each payment flow, with OpenPayd's banking network handling fiat and its stablecoin layer handling digital assets, so a crypto exchange, a broker or a payments company can serve customers in both worlds through one API. OpenPayd operates across the US, UK, European Economic Area, Canada and South Africa and serves clients in about 180 countries.

Path to Nasdaq

OpenPayd agreed on 1 June 2026 to combine with Titan Acquisition Corp, a special purpose acquisition company, or SPAC, which is a listed shell company formed to merge with a private business and take it public. The deal gives the combined company a pro forma equity value of $1.145 billion, with up to $276 million held in Titan's trust before redemptions. The combined company is expected to list on Nasdaq under the ticker OP once it closes in the fourth quarter of 2026.

Because the equity value was fixed in June, OpenPayd's growth since then has changed the maths of the deal. The $1.145 billion value equalled about 13.5 times ARR on the March figure and equals about 10.7 times on October's $107 million (our arithmetic). Titan's chair and chief executive Frank Mastrangelo will join the combined company, which plans to focus on the US market, integrated fiat and stablecoin products and agentic payments made by AI software on behalf of businesses.

Outlook

The next milestone is the close of the Titan deal, which still needs shareholder and regulatory approvals, along with a registration statement on Form F-4 that Titan has filed with the SEC. A closing in the fourth quarter would make OpenPayd one of the few listed companies whose business sits directly between traditional banking and stablecoin payments, at a time when corporate use of stablecoins is still in its early growth phase.

OpenPayd's results show both halves of that model working together, with fiat delivering most of the growth while stablecoins win a growing share of new customers. If B2B stablecoin payments keep compounding from their current share of about 0.14% of global business payments, the companies that already connect banks and blockchains for more than a thousand corporate clients are in a strong position to capture that flow.

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