OpenPayd sets path to Nasdaq listing

OpenPayd has agreed to merge with Titan Acquisition Corp in a deal that would take the London-based financial infrastructure company public on Nasdaq at a pro-forma equity value of $1.145 billion, giving the payments group fresh capital to expand across the United States and deepen its stablecoin-linked services.

The proposed combination with Titan, a Nasdaq-listed special purpose acquisition company, has been approved by both boards and is expected to close in the fourth quarter of 2026, subject to Titan shareholder approval, regulatory filings and other customary conditions. Once completed, OpenPayd is expected to trade on Nasdaq under the ticker symbol OP.

The transaction could provide OpenPayd with up to $276 million in gross proceeds from Titan’s trust account, assuming no redemptions by public shareholders. That caveat remains important because SPAC deals can see proceeds reduced sharply if investors choose to redeem shares before completion. The capital is intended to strengthen OpenPayd’s balance sheet, support regulatory licensing, fund hiring and accelerate its push into the US market.

OpenPayd operates a platform that allows digital businesses to move and manage money across fiat currencies, payment rails, blockchain networks and stablecoins through a single application programming interface. Its services include embedded accounts, foreign exchange, domestic and international payments, open banking and stablecoin on-and-off ramps.

The company says it serves more than 1,100 customers across 180 countries, including eToro, Kraken, OKX and B2C2. It processes more than $240 billion in annualised transaction volume and had more than $85 million in annualised recurring revenue as of March 2026. The figure is based on March revenue multiplied by 12 and is not a standard accounting measure, leaving investors to assess how far it reflects durable future revenue.

OpenPayd’s move comes as payments infrastructure companies position themselves for a market shaped by faster settlement, embedded finance, stablecoins and automated financial workflows. Businesses that once relied on banks and separate providers for accounts, transfers, foreign exchange and settlement increasingly seek unified platforms that can handle cross-border money movement with fewer operational layers.

The company’s strategy is built around the convergence of traditional finance and digital assets. Stablecoins have moved from a niche crypto instrument into a payment and settlement tool watched closely by banks, fintech firms and regulators. That shift has created opportunities for infrastructure providers able to connect regulated fiat payment channels with blockchain-based rails while meeting compliance expectations across jurisdictions.

Iana Dimitrova, OpenPayd’s chief executive, has framed the deal as a milestone that reflects the scale of the company’s platform, regulatory reach and profitable growth. Founder Ozan Ozerk has argued that the next phase of finance will be shaped by money movement that is increasingly programmable, including transactions initiated by autonomous software agents.

Titan is led by chairman and chief executive Frank Mastrangelo and has positioned itself as a SPAC focused on high-growth fintech and financial technology businesses. Titan raised $276 million in its initial public offering in April 2025 through the sale of 27.6 million units at $10 each, including the full exercise of the underwriters’ over-allotment option.

The deal advisers include Anne Martina as lead M&A adviser to OpenPayd, A&O Shearman as legal counsel, Deloitte as financial auditor and Burson Buchanan as strategic communications adviser. Winston & Strawn is advising Titan, while Cantor Fitzgerald is acting as capital markets adviser to the SPAC.

The merger also reflects a broader reopening of selective public-market routes for fintech companies after a difficult period for high-growth listings. Public investors have become more demanding on profitability, regulatory discipline and revenue quality, particularly after earlier SPAC-era deals struggled with missed forecasts, high redemptions and weak post-listing performance.