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Key Takeaways
- OpenPayd expects its Titan merger to close this year, pending an effective registration statement and shareholder approval, with a pro forma equity value of up to $1.1 billion.
- The company reported $73 million in revenue for the fiscal year ended April 30, 2026, and attributes its $2.8 million net loss to one-time merger costs.
- It acquired MSB USA and its 43 state money transmitter licenses and is considering a private placement and acquisitions to add licenses or technology.
Payments infrastructure company OpenPayd expects to complete its planned Nasdaq listing by the end of the year as it prepares to enter the U.S. market and pursue additional acquisitions, CEO Iana Dimitrova said in an interview. The London-based firm is in the final stages of SEC review for its proposed merger with Titan Acquisition Corp.
Merger Nears Completion, Pending Final Approvals
Dimitrova said she expects the Titan deal to close this year barring a significant external disruption. The transaction still requires the registration statement to become effective and approval from Titan shareholders, among other standard closing conditions. OpenPayd would trade under the ticker OP once the listing is complete.
Under the announced terms of the deal, OpenPayd’s implied pro forma equity value could reach $1.1 billion.
A Regulatory Backdrop That Favors U.S. Expansion
The U.S. has become a more attractive market for crypto-adjacent payments companies as federal rules for digital assets and stablecoins have developed. The GENIUS Act established a federal framework for payment stablecoins, and the SEC has separately proposed rules tailored to specific crypto assets.
For a company like OpenPayd, that regulatory shift creates an opening to sell payments infrastructure to businesses connecting traditional finance with blockchain networks, even as broader federal market-structure legislation remains unresolved in Congress.
Crypto and payments firms are taking varied paths toward public markets. Stablecoin payments company RedotPay is pressing ahead with its own U.S. IPO preparations after recently completing a financial audit, while Kraken parent Payward has pushed its planned listing back to the second quarter of 2027 at the earliest, according to prior reporting.
Building Out Fiat and Stablecoin Infrastructure
OpenPayd provides businesses with access to accounts, foreign exchange services, and domestic and international payments, alongside infrastructure for converting between traditional currencies and stablecoins.
The company has integrated with Circle Payments Network for cross-border payments and joined Fireblocks’ payments network, which lets other participants access its fiat infrastructure. Crypto exchange Kraken, market maker B2C2 and trading platform OKX are among the companies currently using OpenPayd’s infrastructure.
Dimitrova described the company as positioned at the intersection of fiat and stablecoin infrastructure, arguing no public-market competitor currently offers the same combination of capabilities OpenPayd can deliver. She said the planned listing would help fund the company’s U.S. expansion, with OpenPayd aiming to launch services for U.S. customers by April 2027.
“Few markets can match the energy and ambition of the U.S.”
Licenses Acquired Ahead of the U.S. Launch
OpenPayd took a concrete step toward its U.S. launch last month by bringing MSB USA Inc. and its 43 state money transmitter licenses under the OpenPayd group, a move that gives the company regulatory coverage across most U.S. states ahead of its planned 2027 launch date.
The company reported $73 million in revenue for the fiscal year ended April 30, 2026, up from $57 million the prior year, according to an investor presentation filed with securities regulators. OpenPayd reported $13 million in EBITDA and a $2.8 million net loss for the latest fiscal year.
A company spokesperson said in emailed comments that the net loss was entirely attributable to $5.8 million in one-time transaction costs tied to the proposed Titan merger, rather than reflecting underlying operating performance.
Dimitrova said she views delays to U.S. digital-asset market-structure legislation as a setback for the industry broadly, but said the delays have not changed OpenPayd’s decision to pursue U.S. expansion on its current timeline.
Acquisitions Remain Part of the Growth Strategy
Dimitrova said OpenPayd is interested in acquiring businesses that would add regulatory licenses or technology capabilities, allowing the company to launch new services faster than building equivalent capabilities internally.
She said a completed listing would give OpenPayd both direct access to capital and publicly traded shares that could be used as currency in future deals and partnerships.
The company is also considering a private placement ahead of the Titan merger’s close to secure additional funding for its growth plans, Dimitrova said.
