OpenTrade has raised $7 million in a strategic spherical led by Notion Capital and Mercury Fund, with backing from a16z crypto, AlbionVC, and CMCC International. The newest funding brings the London-based firm’s whole haul to $11 million in simply six months, a sign of investor confidence within the startup’s push to convey yield-bearing stablecoins to customers in unstable economies.
The corporate runs a “yield-as-a-service” platform designed for fintech apps, exchanges, and neobanks. Purchasers like Criptan in Spain and Littio in Colombia use OpenTrade’s backend to let customers earn curiosity — as much as 9% — on USD and EUR holdings.
In international locations like Argentina or Colombia, the place greenback financial institution accounts are uncommon and supply negligible curiosity, apps powered by OpenTrade let customers earn significant returns straight from their telephones. In Colombia, as an example, banks supply lower than 0.4% APR on {dollars}. Littio customers can stand up to six%.
OpenTrade manages $47 million in property and has processed near $200 million in quantity, rising 20% month over month. The capital injection will assist the corporate scale operations and enhance its tech stack.
“OpenTrade is constructing core monetary infrastructure for the following technology of fintech,” mentioned Mercury Fund’s Samantha Lewis. Notion Capital’s Itxaso del Palacio added that stablecoins’ $240 billion market cap makes OpenTrade’s infrastructure a wanted basis for the sector.
