OpenPayd lines up 43 U.S. licenses as Nasdaq deal nears its next test

OpenPayd has brought 43 U.S. state money transmitter licenses into its group before launching services for American customers. Now the London-based payments infrastructure company is working toward another milestone: a Nasdaq listing that could help finance its expansion. Chief Executive Iana Dimitrova told CoinDesk (direct) that she expects its merger with Titan Acquisition Corp. to close by year-end, with a U.S. launch targeted for April 2027.

The proposed merger is in the final stages of review by the U.S. Securities and Exchange Commission, Dimitrova said. But the finish line still has conditions attached. The registration statement must become effective, Titan shareholders must approve the transaction, and other requirements must be met. Dimitrova expects completion this year unless a major external disruption intervenes. OpenPayd would trade under the ticker OP, and the announced terms put its potential implied equity value after the merger at up to $1.1 billion.

Building the American entry point

OpenPayd supplies businesses with accounts, foreign exchange and domestic and international payments. It also provides systems for moving money between traditional currencies and stablecoins, digital tokens designed to track a reference asset such as a currency. Its customers include crypto exchange Kraken, market maker B2C2 and trading platform OKX. Last month, the company brought MSB USA Inc. and its 43 state money transmitter licenses under its group, advancing preparations for the U.S. launch.

The company has also connected with Circle Payments Network for cross-border payments and joined Fireblocks’ payments network, giving other participants access to its traditional-currency infrastructure. Dimitrova sees opportunities in both cross-border payments and stablecoin services. She told CoinDesk that delays to broader U.S. digital-asset legislation were a setback, but had not changed the decision to enter the market.

That push comes as U.S. digital-asset rules develop. The GENIUS Act created a federal framework for payment stablecoins, while the SEC has proposed rules for some crypto assets. Broader market-structure legislation remains unresolved. The changing rules offer an opening for companies selling infrastructure that connects traditional finance with blockchain networks, the shared digital records underpinning many crypto systems.

Revenue grows, but expansion needs funding

OpenPayd reported revenue of $73 million for the year ended April 30, 2026, compared with $57 million a year earlier, according to an investor presentation cited by CoinDesk. It reported $13 million in EBITDA, earnings before interest, taxes, depreciation and amortization, alongside a $2.8 million net loss. A company spokesperson said the loss was entirely attributable to $5.8 million in one-time costs tied to the proposed merger.

Acquisitions could help OpenPayd enter markets faster. Dimitrova said the company is looking for businesses that bring licenses or technology rather than building every capability itself. A listing would provide access to capital and publicly traded shares for transactions and partnerships. OpenPayd is also considering a private placement, a fundraising from selected investors, before the merger.

“Few markets can match the energy and ambition of the U.S.,” Dimitrova told CoinDesk.

The next milestones are regulatory clearance and Titan shareholder approval, followed by the planned U.S. service launch. Whether OpenPayd secures funding ahead of the merger, and which licensing or technology businesses it pursues, will also help define its expansion.