Opentrade has collected $ 7 million in a strategic round led by Notion Capital and Mercury Fund with support from A16Z Crypto, AlbionVC and CMCC Global. The latest funding brings the London-based company’s total feature to $ 11 million in just six months, a signal of the investor’s confidence in the boot’s push to bring dividend-bearing stablecoins to users in unstable economies.
The company runs a “yield-as-a-service” platform designed for fintech apps, stock exchanges and neobanks. Customers like scriptan in Spain and Littio in Colombia use Opentades Backend to allow users to earn interest – up to 9% – on USD and EUR Holdings.
In countries such as Argentina or Colombia, where Dollar Bank accounts are rare and offer insignificant interest, lets apps driven by Opentrade, users earn meaningful returns right from their phones. In Colombia, for example, banks offer less than 0.4% April on dollars. Littio users can get up to 6%.
Opentrade administers $ 47 million in assets and has processed close to $ 200 million in volume and grows 20% month over the month. The capital injection will help the company scale operations and improve its tech stack.
“Opentrade builds core financial infrastructure for the next generation of fintech,” said Mercury Funds Samantha Lewis. Capture Capital’s ITXASO del Palacio added that stableecoins’ market capital of $ 240 billion makes Opentrades infrastructure a necessary foundation for the sector.
