OpenPayd to go public in USD $1.145 billion SPAC deal

OpenPayd has agreed to merge with Titan Acquisition Corp in a deal that would take the payments infrastructure company public on Nasdaq. The transaction values OpenPayd at USD $1.145 billion on a pro-forma equity basis.

It expects to list under the ticker OP once the business combination is completed. Titan is a special purpose acquisition company focused on fintech targets.

OpenPayd operates a platform that lets businesses move and manage money across bank payment rails, blockchain networks and stablecoins through a single application programming interface. It says it serves more than 1,100 customers in 180 countries, including eToro and Kraken.

The deal could deliver up to USD $276 million in gross proceeds from Titan's trust account, assuming no redemptions by Titan shareholders. The funds are intended to strengthen OpenPayd's balance sheet and support expansion, with an immediate focus on the US, as well as product and regulatory work.

The London and New York-based group had generated more than USD $85 million in annualised recurring revenue as of March 2026. It also processes more than USD $240 billion in annualised transaction volume.

The proposed transaction has been approved by the boards of both companies. It remains subject to customary closing conditions, including approval by Titan shareholders.

Business model

OpenPayd has built its business around the link between traditional finance and digital assets. Its platform offers services including accounts, foreign exchange, domestic and international payments, open banking, and stablecoin on- and off-ramps.

The company also highlighted its regulatory presence across the US, UK, European Economic Area, Canada and South Africa. That footprint, together with connections to banks, payment systems and stablecoin issuers, is central to its pitch to customers operating across borders.

The agreement reflects continuing investor interest in payments groups that sit between conventional banking systems and newer crypto-linked forms of settlement. For OpenPayd, a US public listing would also offer a higher-profile route to capital than private fundraising alone.

Iana Dimitrova, Chief Executive Officer of OpenPayd, described the transaction as a marker of the company's development.

"This transaction marks a significant milestone in our journey and reflects the scale of our platform, our regulatory strength, and our ability to deliver profitable growth at scale. As global financial infrastructure undergoes rapid transformation, OpenPayd has become a trusted partner for modern money movement and we look forward to continuing to support our clients globally," Dimitrova said.

Founder Ozan Ozerk set out a broader view of how the company sees the market changing.

"We believe the next decade of finance will not be defined by faster cards or cheaper wires - it will be defined by money that moves on its own. Autonomous agents are already making decisions; the infrastructure beneath them must keep pace. OpenPayd exists to be that infrastructure - the operating system connecting traditional financial rails with programmable, blockchain-native networks, so that intelligent systems can transact as fluently as humans do today. We have spent years building toward this convergence. We believe going public can give us the capital and the mandate to own it," Ozerk said.

SPAC route

The transaction comes through a merger with a SPAC, a route to market that boomed in the US before slowing sharply as investor sentiment cooled and regulators increased scrutiny. Even so, the structure remains available to companies seeking access to public markets while negotiating valuation directly with a listed shell company.

Titan is led by a management team with experience in capital markets, financial services and previous SPAC deals. Its Chairman and Chief Executive Officer, Frank Mastrangelo, said OpenPayd occupied a distinct position in the market.

"We are thrilled to partner with OpenPayd, a high-growth, profitable and innovative financial infrastructure platform and an early mover in a massive marketplace. We believe the growing institutional adoption of digital assets, increasingly pro-innovation regulatory frameworks, and rising demand for integrated fiat-to-digital infrastructure, underscored by recent signals from the U.S. Federal Reserve and mainstream financial institutions, position OpenPayd for long-term success. As what we believe to be the first publicly traded, pure-play global payments infrastructure platform at the intersection of traditional finance and digital assets, we believe OpenPayd has an opportunity to define this category and play an integral role in the future of payments," Mastrangelo said.

If completed, the merger would give public market investors exposure to a payments company spanning fiat transactions and stablecoin-linked flows at a time when more financial groups are testing digital asset settlement alongside existing payment systems.