OpenPayd Eyes Nasdaq Listing and U.S. Expansion
The London-based payments provider wants to reach Nasdaq through Titan Acquisition Corp., backed by 43 U.S. money transmitter licenses and rising demand for stablecoin infrastructure.
Key Takeaways
- OpenPayd expects to complete its Nasdaq listing through its merger with Titan Acquisition Corp. by the end of this year.
- The company is preparing for a U.S. expansion and has secured 43 money transmitter licenses in 43 states through MSB USA Inc.
- OpenPayd is also looking at additional acquisitions and reported $73 million in revenue, with annual recurring revenue above $96 million.
OpenPayd expects to complete its planned Nasdaq listing by the end of this year. At the same time, the company is preparing to enter the United States and is looking at new acquisitions. CEO Iana Dimitrova told CoinDesk that the London-based payments infrastructure provider is in the final stage of review by U.S. regulators for its proposed merger with Titan Acquisition Corp.
Nasdaq Deal in the Final Stretch
According to Dimitrova, the deal should still be completed this year unless there is a major outside disruption. That still depends on things like the registration statement becoming effective and Titan shareholders approving it. If the deal goes through, OpenPayd will list on the exchange under the ticker OP.
The combination with Titan has a pro forma value of $1.145 billion (€1 billion). The deal could also bring in up to $276 million (€246 million) in gross proceeds from Titan’s trust fund if public shareholders do not redeem their shares. That gives OpenPayd extra room to fund its U.S. expansion.
U.S. Market Is Heating Up
The move fits into a broader shift in the U.S., where rules for crypto and stablecoins are becoming clearer step by step. The GENIUS Act has set up a federal framework for payment stablecoins, while the SEC has also proposed rules for certain crypto assets. For companies like OpenPayd, that opens the door to selling payments infrastructure to firms that connect traditional finance with blockchain networks.
OpenPayd already has integrations with Circle Payments Network and Fireblocks’ payments network. The company says it gives customers access to accounts, foreign exchange, and domestic and international payments, plus infrastructure to move between traditional currencies and stablecoins. Among its users, it names crypto exchange Kraken, market maker B2C2, and trading platform OKX.
Other payment companies are also targeting the same market. Citi linking stablecoin payments to Coinbase shows how traditional banks and crypto infrastructure are increasingly finding each other in the U.S.
Licenses and Acquisitions
A key step toward the U.S. launch was the acquisition of MSB USA Inc. last month. That brought 43 money transmitter licenses in 43 states under the OpenPayd group. This significantly expands the company’s coverage in the U.S. and makes it easier to roll out services there.
OpenPayd is also looking at additional acquisitions that add licenses or technology. Dimitrova said the company would rather buy than build everything from scratch, especially if that can speed up the rollout. The company is also considering a private placement ahead of the merger to fund growth.
The numbers show that OpenPayd is already growing strongly. According to an investor presentation, revenue for the year through April 30, 2026 came in at $73 million (€65 million), up from $57 million (€50.8 million) a year earlier. EBITDA was $13 million (€11.6 million) and net loss was $2.8 million (€2.5 million), entirely due to one-time transaction costs tied to the proposed combination. In a later update, the company also said annual recurring revenue rose above $96 million (€85.5 million) and annualized transaction volume topped $300 billion (€267 billion).
