• OpenPayd is going public by merging with Titan Acquisition Corp., with the combined company expected to trade on Nasdaq under the ticker OP and closing targeted for the fourth quarter of 2026.
• The June 1, 2026 announcement states a pro forma equity value of approximately $1.145 billion; CoinDesk rounds this to $1.1 billion, so the two figures describe the same deal.
• An SEC Form 425 filing sets aggregate consideration to OpenPayd shareholders at $800 million minus certain transaction liabilities, a different measure from pro forma equity value.
• CoinDesk reports $73 million of revenue for the year ended April 30, 2026, against $57 million a year earlier, with $13 million of EBITDA and a $2.8 million net loss.
• Clients such as exchanges and market makers should treat the listing as a counterparty and licensing-footprint question, not only a funding story.

OpenPayd, a London-based payments infrastructure provider, plans to list on Nasdaq by the end of 2026 through a merger with Titan Acquisition Corp., CoinDesk reported on October 3, 2026. The company's own June 1 announcement describes the same transaction. The stated purpose is to fund a U.S. launch and acquisitions, which makes the listing as much a regulatory-footprint story as a capital-raising one.

A SPAC merger, not an IPO

The route to market is a definitive business combination with a special purpose acquisition company, after which OpenPayd would trade on Nasdaq under the ticker OP. According to the June 1 announcement, the boards of both companies unanimously approved the deal, and closing is expected in the fourth quarter of 2026, subject to customary conditions including Titan shareholder approval. An SEC Form 425 filing repeats that closing expectation and notes that actual events may differ from assumptions.

Reconciling the valuation figures

The headline numbers measure different things. The June 1 announcement states a pro forma equity value of approximately $1.145 billion, and CoinDesk rounds that to $1.1 billion. Separately, the SEC Form 425 filing sets aggregate consideration to OpenPayd shareholders at $800 million minus the settlement of certain transaction liabilities, including advisor fees. Neither is a market price. Readers comparing coverage should check which measure a given outlet is quoting before drawing conclusions about the price paid.

What the reported financials show

CoinDesk reports revenue of $73 million for the year ended April 30, 2026, up from $57 million a year earlier, with $13 million of EBITDA and a $2.8 million net loss that includes $5.8 million of one-time transaction costs. Set against an equity value above $1 billion, the pricing reflects growth and infrastructure position rather than current earnings. The company's announcement also cites more than $240 billion in annualized transaction volume; that is a company-reported figure covering a different measure from revenue, so the two should not be divided to infer a take rate.

The U.S. licensing question

CoinDesk reports that OpenPayd holds 43 state money transmitter licenses through its acquisition of MSB USA Inc. and is targeting a U.S. market launch in April 2027. Licenses are necessary but do not themselves produce volume. The company must win U.S. clients that often already have banking and payments partners, and any acquisitions made with the proceeds would bring integration work and additional supervisory obligations. Chief executive Iana Dimitrova told CoinDesk the aim is to take OpenPayd "from European success to global scale."

What clients and compliance teams should watch

The company's announcement names eToro, Kraken, OKX and B2C2 among its clients. For such firms, a listed provider is a better-disclosed counterparty, since public filings would expose its financial condition and risk factors. It also introduces acquisition and concentration risk. Items to watch are the effectiveness of the SEC registration statement, the Titan shareholder vote, the terms of any additional financing, and how any later licence additions are disclosed in public filings.