OpenPayd lists through Titan to pay for a US launch built on 43 acquired licenses
OpenPayd, a London payments firm with $73 million of revenue, expects its Titan merger to close by year-end and fund a US launch by April 2027. With 43 state licenses already bought, the listing mainly supplies cash and shares for the acquisitions its CEO says come next.
The Investor · Invest desk
What happened
- The merger still needs its SEC registration statement to become effective and a vote of Titan shareholders, and the combined company would trade as OP.
- A company spokesperson said the latest year's $2.8 million net loss came entirely from $5.8 million of one-time costs tied to the merger.
- Kraken, B2C2 and OKX are among the companies already moving money through OpenPayd's payments infrastructure.
- Dimitrova said OpenPayd is also weighing a private placement before the merger closes to fund its growth plans.
Why it matters
- What it costs cost The merger's one-time fees equal about 45% of a year's EBITDA, and existing shareholders bore them in the latest year's results.
- What it limits constraint A year-end close leaves about four months before the April 2027 launch target, so any slip in SEC review or the Titan vote comes straight out of launch time.
- Who has to decide decision Titan shareholders must approve the deal before OpenPayd's US service exists, judging a US business that so far consists of 43 licenses and a target date.
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OpenPayd makes money at the EBITDA line. Revenue rose $16 million from $57 million a year earlier [6], growth of about 28% [18]. EBITDA of $13 million [7] is a margin of roughly 18% on $73 million of sales [20]. If the spokesperson's explanation of the loss is right, the year shows about $3.0 million of profit before the deal costs [21].
The cash Titan brings cannot be counted yet. The reporting does not include how much money Titan holds or the deal's implied valuation. Dimitrova said a listing would give OpenPayd capital and publicly traded shares to use in deals and partnerships [14]. She said she wants businesses that add licenses or technology, so OpenPayd can launch faster than it could by building them itself [8].
If the merger closes by year-end, as she expects [1], the cash and the shares both arrive before the April 2027 target [2]. If the registration statement or the Titan vote slips [4], the private placement she is considering [9] becomes the money that pays for the launch. I'd expect the shares to matter as much as the cash in either case. The US business already began as a purchase, when MSB USA Inc. and its 43 licenses joined the group last month [5]. The deals she describes are the ones she said listed stock would pay for [14]. The counter-case is a Titan cash balance large enough to make the stock a side tool. If OpenPayd's first US move after closing is an in-house build with no acquisition, the counter-case is right.
As a US competitor, OpenPayd would arrive already connected to Circle Payments Network for cross-border payments, and it sits inside Fireblocks' payments network, where other participants can reach its fiat infrastructure [3]. Dimitrova said "there is no public market competitor that has the same combination of fiat and stablecoin capabilities that OpenPayd can deliver today" [11]. Her test counts only listed companies. Crypto firms are reaching the market at different speeds: RedotPay is pressing on with US IPO preparations, while Kraken parent Payward has pushed its listing to the second quarter of 2027 at the earliest [12].
OpenPayd is also not waiting for US legislation [17]. Dimitrova called delays to US digital-asset market-structure legislation a setback but said they had not changed the decision to expand there [17]. The GENIUS Act already set a federal framework for payment stablecoins [15].
What to watch
- The date OpenPayd's registration statement goes effective and Titan shareholders vote, against the year-end close Dimitrova expects.
- The size and terms of any private placement OpenPayd raises before the merger closes.
- Results for the year ending April 30, 2027, the first to carry spending for the US launch.
Information, not investment advice. This story is general information about companies and markets, drawn from cited reporting. It is not a recommendation to buy, sell or hold any security; check the cited sources before acting.
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- [1]
OpenPayd expects its merger with Titan Acquisition Corp. to close by year-end, subject to regulatory and shareholder approvals, barring a significant external disruption, CEO Iana Dimitrova told CoinDesk.
- [2]
OpenPayd aims to launch services for U.S. customers by April 2027, and the listing would help fund U.S. expansion.
- [3]
OpenPayd has integrated with Circle Payments Network for cross-border payments and joined Fireblocks' payments network, where other participants can access its fiat infrastructure.
- [4]
OpenPayd is in the final stages of the SEC's review of its proposed merger with Titan Acquisition Corp.; the transaction still requires the registration statement to become effective and approval from Titan shareholders, among other conditions, and OpenPayd would trade under the ticker OP.
- [5]
Last month OpenPayd brought MSB USA Inc. and its 43 state money transmitter licenses under the OpenPayd group.
- [6]
OpenPayd reported $73 million in revenue for the year ended April 30, 2026, up from $57 million a year earlier, according to an investor presentation.
- [7]
OpenPayd reported $13 million in EBITDA and a $2.8 million net loss for the latest year.
- [8]
OpenPayd is interested in businesses that would add licenses or technology and allow it to launch faster than building those capabilities from scratch, Dimitrova said.
- [9]
OpenPayd is also considering a private placement ahead of the merger to secure funding for its growth plans, Dimitrova said.
- [10]
Crypto exchange Kraken, market maker B2C2 and trading platform OKX are among the companies using OpenPayd's payments infrastructure.
- [11]
"there is no public market competitor that has the same combination of fiat and stablecoin capabilities that OpenPayd can deliver today."
- [12]
Stablecoin payments company RedotPay is pressing ahead with U.S. IPO preparations, while Kraken parent Payward pushed its listing back to the second quarter of 2027 at the earliest, CoinDesk reported.
- [13]
OpenPayd is a London-based payments infrastructure company.
- [14]
A listing would give OpenPayd both access to capital and publicly traded shares to use in deals and partnerships.
- [15]
The GENIUS Act established a federal framework for payment stablecoins.
- [16]
The reported net loss of $2.8 million is entirely attributable to $5.8 million of one-time transaction costs relating to the proposed business combination, a company spokesperson said.
- [17]
Dimitrova described delays to U.S. digital-asset market-structure legislation as a setback, but said they had not changed OpenPayd's decision to expand there.
- [18]
OpenPayd's revenue grew by $16 million, or about 28%, year on year.
- [19]
A year-end 2026 close leaves about four months before the April 2027 US launch target.
- [20]
OpenPayd's EBITDA margin for the year to April 30, 2026 was roughly 18%.
- [21]
On the spokesperson's framing, the latest year shows about $3.0 million of profit before the one-time deal costs.
- [22]
The one-time transaction costs of the Titan merger equal about 45% of the latest year's EBITDA.
Sources
3 independent publishers whose own reporting we read for this story.
- coindesk.comPayments firm OpenPayd targets year-end Nasdaq listing to fund U.S. expansion and acquisitions
1 article · October 3, 2026
- crypto.newsStablecoin payment firm OpenPayd eyes Nasdaq listing
1 article · October 4, 2026
- pymnts.comOpenPayd Sets Groundwork for 2027 US Stock Market Listing
1 article · October 4, 2026
Topics and entities
Entities
- Titan Acquisition Corp.
- Circle Payments Network
- Nasdaq
- OKX
- Kraken
- GENIUS Act
- Fireblocks