OpenPayd targets year-end Nasdaq listing through Titan SPAC merger to fund U.S. push

London-based payments infrastructure firm OpenPayd expects to complete a Nasdaq listing by the end of 2026 through a merger with blank-check company Titan Acquisition Corp., CEO Iana Dimitrova told CoinDesk in an interview published October 3. The deal is in the final stages of U.S. Securities and Exchange Commission review, she said, and she expects it to close this year "barring a significant external disruption."

That caveat matters: the transaction still needs the registration statement to become effective and approval from Titan shareholders, among other conditions, before any listing. OpenPayd would trade under the ticker OP. Under the announced terms, Dimitrova said the combination carries an implied pro forma equity value of up to $1.1 billion — a company-stated figure tied to deal terms, not a market price.

The listing is meant to bankroll a U.S. entry. OpenPayd aims to launch services for U.S. customers by April 2027, Dimitrova said, a step it advanced last month by bringing MSB USA Inc. and its 43 state money transmitter licenses into the group. The company also said it is weighing a private placement ahead of the merger and is eyeing acquisitions of businesses that would add licenses or technology to launch faster than building in-house.

On financials, OpenPayd reported $73 million in revenue for the year ended April 30, 2026, up from $57 million a year earlier, with $13 million in EBITDA and a $2.8 million net loss — figures drawn from its own investor presentation. A company spokesperson said the net loss is "entirely attributable" to $5.8 million of one-time costs from the proposed combination.

OpenPayd counts Kraken, market maker B2C2 and OKX among customers, and has integrated with Circle Payments Network and joined Fireblocks' payments network.

Key facts

• Nasdaq listing via Titan Acquisition Corp. merger expected to close by year-end 2026; ticker OP; implied pro forma equity value up to $1.1 billion (CoinDesk interview with CEO Iana Dimitrova; OpenPayd deal terms).
• U.S. customer launch targeted for April 2027; 43 state money transmitter licenses acquired via MSB USA Inc. last month (CoinDesk/Dimitrova).
• FY revenue (to April 30, 2026) of $73M, up from $57M; $13M EBITDA; $2.8M net loss attributed to $5.8M in one-time deal costs (OpenPayd investor presentation; company spokesperson).

The real-world read This is a SPAC merger, not a completed IPO, and nearly every forward claim here comes from the CEO or the company's own investor deck — an interested party selling a story to shareholders ahead of a vote. The close is still conditional on SEC effectiveness and a shareholder vote, so "by year-end" is a target, not a done deal. The $1.1 billion is an implied deal valuation, not what the market will pay. And the clean-looking $2.8M loss rests entirely on the company's own characterization of $5.8M as "one-time." Dimitrova's line that "no public market competitor" matches OpenPayd's fiat-plus-stablecoin mix is a marketing claim, unverified here. Notably, she called delays to U.S. market-structure legislation a "setback" — the regulatory certainty underpinning the U.S. bet isn't actually in place yet.

This is news coverage, not financial advice.

Sources

• CoinDesk (Tier 2, reputable secondary), Oct. 3, 2026 — interview with CEO Iana Dimitrova; revenue, EBITDA and loss figures sourced to OpenPayd's investor presentation (company-produced); valuation per announced deal terms. The company's own characterizations (competitive positioning, "one-time" costs) are marketing/interested-party statements, flagged as such above.