OpenPayd targets year-end Nasdaq listing to fund US expansion

London-based payments infrastructure firm OpenPayd is targeting a Nasdaq listing by the end of 2026 through a merger with SPAC Titan Acquisition Corp., valuing the combined entity at up to $1.1 billion. Under CEO Iana Dimitrova, the firm is leveraging its acquisition of 43 U.S. state money transmitter licenses to prepare for an April 2027 U.S. launch. OpenPayd, which serves major crypto clients like Kraken and OKX, reported $73 million in revenue for the fiscal year ending April 30, 2026.

Terms of the Nasdaq listing

• ▪London-based payments infrastructure company OpenPayd expects to complete its Nasdaq listing by the end of 2026 through a merger with special purpose acquisition company Titan Acquisition Corp.
• ▪Upon completion of the merger with Titan Acquisition Corp., OpenPayd plans to trade on the Nasdaq under the ticker symbol OP

Merger approval requirements

• ▪The proposed merger between OpenPayd and Titan Acquisition Corp. is in the final stages of review by the U.S. Securities and Exchange Commission, according to OpenPayd CEO Iana Dimitrova
• ▪The proposed merger between OpenPayd and Titan Acquisition Corp. requires the registration statement to become effective and approval from Titan shareholders

Expansion into the United States

• ▪OpenPayd brought MSB USA Inc. and its 43 state money transmitter licenses under the OpenPayd group last month to secure a foundation for its local U.S. operations
• ▪OpenPayd plans to use funds raised from its public listing to broaden its base of money transmitter licenses in the United States
• ▪OpenPayd CEO Iana Dimitrova stated that the United States offers significant opportunities in both cross-border payments and stablecoin services
• ▪OpenPayd is preparing to launch its payments infrastructure services for customers in the United States by April 2027

Funding and acquisition plans

• ▪OpenPayd expects its planned Nasdaq listing to provide access to capital and publicly traded shares to use in deals and partnerships
• ▪OpenPayd plans to pursue further acquisitions of businesses that add licenses or technology to allow the company to launch products faster in new markets
• ▪OpenPayd is considering a private placement ahead of its merger with SPAC Titan Acquisition Corp to secure growth capital and funding for its US expansion plans

Financial performance

• ▪OpenPayd reported $13 million in EBITDA, a $2.8 million net loss, and $73 million in revenue for the financial year ended April 30, 2026, up from $57 million the previous fiscal year
• ▪An OpenPayd spokesperson stated that the company's reported $2.8 million net loss was entirely attributable to $5.8 million of one-time transaction costs relating to the proposed business combination with Titan Acquisition Corp.

Payments infrastructure and integrations

• ▪OpenPayd has integrated with the Circle Payments Network for cross-border payments and joined Fireblocks' payments network to allow participants to access OpenPayd's fiat infrastructure
• ▪OpenPayd provides businesses with payments infrastructure to move funds between traditional fiat currencies and stablecoins, counting crypto exchange Kraken, market maker B2C2, and trading platform OKX among its clients

Debatable claims

• ▪Stablecoin-to-fiat infrastructure is mature enough to support mainstream financial integration
• ▪SPAC mergers remain a viable route for crypto-adjacent firms to go public
• ▪The US regulatory environment is stable enough to justify foreign stablecoin expansions