OpenPayd Nears SEC Review Completion for $1.1 Billion Titan…

OpenPayd, the London-based payments infrastructure company, expects to complete its planned Nasdaq listing by the end of 2026 through a business combination with Titan Acquisition Corp. Chief executive Iana Dimitrova said the transaction is in the later stages of review by the U.S. Securities and Exchange Commission and could close this year provided no material disruption occurs. The deal, announced in June, would see OpenPayd trade under the ticker OP.

Completion still depends on several conditions beyond regulatory review. OpenPayd filed its Form F-4 registration statement in June and amended it in July, and the company must still have that statement declared effective and win approval from Titan shareholders. An investor presentation filed in August continued to target a fourth-quarter 2026 listing.

That presentation models a pro forma equity value of roughly $1.25 billion and an enterprise value of about $881 million, assuming a $10 share price, approximately $276 million remaining in Titan's trust and a $100 million private investment in public equity. The PIPE had not been committed when the presentation was filed, and SPAC redemptions could reduce the cash ultimately available. OpenPayd has also discussed a private placement ahead of closing as an alternative source of expansion funding.

U.S. push and stablecoin growth

The company aims to start serving U.S. customers by April 2027, bringing its accounts, foreign exchange, domestic and international payments and stablecoin infrastructure into a larger market. It advanced that strategy in September by adding MSB USA Inc. to the group, securing access to 43 state money transmitter licences. As of July 31, OpenPayd reported more than $96 million in annual recurring revenue, over $300 billion in annualized transaction volume and more than 1,200 clients.

Stablecoins are emerging as a second growth engine. The August presentation showed quarterly stablecoin orchestration revenue climbing from $80,000 to $1.99 million over twelve months, accounting for about one-third of growth in the first quarter of fiscal 2027. OpenPayd has also gone live on the Fireblocks Network for Payments in the UK and Europe and has worked with Ripple on fiat and stablecoin payment infrastructure.

Financially, revenue reached $72.7 million for the year ended April 30, 2026, up from $56.6 million a year earlier. Gross profit rose to $54.9 million and EBITDA came in at $12.5 million, a margin of roughly 17%, though the company posted a $2.8 million net loss after $5.8 million of costs tied to the proposed combination. Management projects $93 million of revenue and $16 million of EBITDA for fiscal 2027.

Investors will be watching the effectiveness of the registration statement, Titan's shareholder vote, redemption levels and any pre-closing financing, since those factors will determine both the timing of the listing and how much growth capital reaches OpenPayd's balance sheet.