Payment Provider to Major Crypto Exchanges Eyes Nasdaq Listing at $1.1B Valuation
OpenPayd, which provides payment infrastructure to crypto exchanges such as Kraken and OKX, aims to list on Nasdaq at a valuation that could reach $1.1 billion and use the proceeds to expand in the U.S.
In an interview with CoinDesk, the London-based company’s CEO, Iana Dimitrova, said the SEC review of its planned merger with Titan Acquisition Corp. is in its final stage. She said she expects the transaction to be completed by the end of 2026, barring any significant external setbacks.
The merger requires certain conditions to be met, including the effectiveness of the registration statement and approval from Titan shareholders. Once the transaction is completed, OpenPayd shares are expected to trade under the ticker OP. Under the announced deal terms, the post-merger equity value could reach $1.1 billion.
Plans U.S. expansion with proceeds from Nasdaq listing
OpenPayd aims to begin serving U.S. customers by April 2027 at the latest. As part of its preparations, it acquired MSB USA Inc. and the company’s money transmission licenses in 43 states last month.
The company is also interested in acquisitions that would provide licenses or technology to help it enter new markets more quickly. A Nasdaq listing would provide access to capital, as well as publicly traded shares that could be used in acquisitions and partnerships. OpenPayd is also considering raising additional funds by selling securities to private investors before the merger.
Bridging crypto exchanges and traditional money
OpenPayd provides businesses with account, foreign exchange, domestic and international payment services, as well as infrastructure for converting between traditional currencies and stablecoins. Its customers include Kraken, OKX, and market maker B2C2.
The company integrated with Circle Payments Network for cross-border payments and joined Fireblocks’ payments network. Dimitrova says they see opportunities to grow in the U.S. in both international payments and stablecoin services.
Revenue rises, merger costs contribute to loss
OpenPayd reported $73 million in revenue for the fiscal year ended April 30, 2026, up from $57 million the previous year. For the same period, it posted $13 million in earnings before interest, taxes, depreciation, and amortization, and a net loss of $2.8 million.
According to a company spokesperson, the net loss was due to $5.8 million in one-time transaction costs related to the planned merger.