OpenPayd expects to complete its merger with Titan Acquisition Corp. and list on Nasdaq by the end of 2026, with the planned public offering intended to help fund its U.S. expansion and acquisitions, CEO Iana Dimitrova told CoinDesk.

The London-based payments infrastructure company is in the final stages of the U.S. Securities and Exchange Commission’s review of the proposed merger, Dimitrova said. Merging with an acquisition corporation is an established alternative to a traditional initial public offering for companies seeking a U.S. listing. She expects the transaction to close this year, barring a significant external disruption. The deal remains subject to the registration statement becoming effective and approval from Titan shareholders, among other conditions.

Following the transaction, OpenPayd would trade under the ticker OP. Under the announced terms of the Titan deal, the company’s implied pro forma equity value — an estimate of the combined company’s equity value under the deal’s terms — could reach $1.1 billion.

OpenPayd is preparing to launch its infrastructure for U.S. customers by April 2027. The company recently brought MSB USA Inc. and its 43 state money transmitter licenses into the OpenPayd group, a step toward establishing its U.S. operations. Because U.S. money transmitter licenses are issued state by state, assembling coverage across dozens of jurisdictions is typically one of the slower pieces of groundwork for a nationwide payments rollout.

“Few markets can match the energy and ambition of the U.S.,” Dimitrova said. “We want to harness that momentum to take OpenPayd from European success to global scale.”

U.S. expansion and payments infrastructure

OpenPayd provides businesses with access to accounts, foreign exchange, and domestic and international payments, as well as infrastructure for transfers between traditional currencies and stablecoins. Its customers include crypto exchange Kraken, market maker B2C2, and trading platform OKX.

The company reported $73 million in revenue for the year ended April 30, 2026, up roughly 28% from $57 million a year earlier, according to an investor presentation. It reported $13 million in EBITDA — a profitability measure that excludes interest, taxes, depreciation, and amortization — and a $2.8 million net loss for the latest financial year.

A company spokesperson said in emailed comments that the $2.8 million net loss was entirely attributable to $5.8 million in one-time transaction costs related to the proposed business combination.

OpenPayd has integrated with Circle Payments Network for cross-border payments and joined Fireblocks’ payments network, where other participants can access its fiat infrastructure. Dimitrova described the company as a “global infrastructure platform for modern money movement.”

“There is no public market competitor that has the same combination of fiat and stablecoin capabilities that OpenPayd can deliver today,” she said.

Dimitrova said the U.S. offers opportunities in both cross-border payments and stablecoin services. She described delays to U.S. digital-asset market-structure legislation as a setback but said they had not changed OpenPayd’s decision to expand into the country.

The U.S. has become a more attractive market for crypto companies as lawmakers and regulators develop rules for digital assets and stablecoins. The GENIUS Act established a federal framework for payment stablecoins, while the SEC has proposed tailored to some crypto assets. For companies such as OpenPayd, those developments create an opportunity to sell payments infrastructure to businesses connecting traditional finance with blockchain networks, even as broader market-structure legislation remains unresolved.

Crypto companies are taking different approaches to the public markets. Stablecoin payments company RedotPay is proceeding with preparations for a U.S. initial public offering after recently completing a financial audit. Kraken parent Payward, meanwhile, has pushed its listing back to the second quarter of 2027 at the earliest, CoinDesk reported.

Acquisitions under consideration

Acquisitions could play a larger role as OpenPayd enters new markets. Dimitrova said the company is interested in businesses that would add licenses or technology and allow it to launch more quickly than it could by building those capabilities from scratch.

A public listing would provide OpenPayd with access to capital as well as publicly traded shares that could be used in acquisitions and partnerships. The company is also considering a private placement ahead of the merger to secure funding for its growth plans, Dimitrova said.

The company’s planned Nasdaq listing is intended to support the U.S. launch, with services for American customers targeted for April 2027. OpenPayd’s acquisition of MSB USA Inc. and its 43 state money transmitter licenses was announced as part of its effort to strengthen its position in the U.S. market.

OpenPayd’s proposed transaction with Titan remains subject to regulatory and shareholder approvals. Its announced Nasdaq listing plans and the proposed business combination are also described in documents filed with the U.S. Securities and Exchange Commission.