Cross-border payments company OpenFX has agreed to acquire Amsterdam-based Embed B.V., a licensed payments infrastructure business. The deal, announced on Tuesday, gives OpenFX its 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 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 permission from the UK FCA.
OpenFX said it intends to upgrade the UK permission to full Authorised EMI status as its next regulatory milestone.
The acquisition brings virtual IBAN issuance, multi-party balance accounts, and SEPA, UK FPS, and Swiss bank connectivity into the OpenFX platform.
In practical terms, OpenFX is adding local account infrastructure and payment rails for EEA and UK clients alongside its existing US footprint, where it operates under state money transmitter licences, a FinCEN MSB registration, and a FINTRAC registration in Canada.
“We built this stack for a different use case, but the underlying infrastructure is exactly what a cross-border platform needs,” said Alex Schoonkind, Co-Founder of Embed.
OpenFX was founded in 2024, raised $94 million in Series A in March 2026, and said it processed over $60 billion in annualised cross-border FX volume in April 2026.
