Opentrade raised $7 million in a strategic round led by the Notion Capital and Mercury Fund with support from A16Z Crypto, Albionvc and CMCC Global. With the latest funding, the London-based company totals $11 million in just six months. This is a signal of investors’ trust in driving startups to bring yields to users in unstable economies.
The company operates a “harvest as a service” platform designed for fintech apps, exchanges and neobanks. Clients such as Spain’s Criptan and Colombia’s Littio are using Opentrade’s backend to make users interested in holding US dollars and EURs.
In countries like Argentina and Colombia, Dollar Bank accounts are rare and offer negligible interest, Opentrade’s app allows users to earn meaningful returns from their phones. In Colombia, for example, banks offer APRs of less than 0.4% in dollars. Littio users can reach up to 6%.
Opentrade manages $47 million in assets and handles nearly $200 million in volume, increasing 20% a month. Capital injections help businesses expand their operations and improve their technological stack.
“Opentrade is building a core financial infrastructure for the next generation of fintech,” said Samantha Lewis of Mercury Fund. Concept Capital’s Itxaso Del Palacio added that Stablecoins’ $240 billion market capitalization will provide the infrastructure of Opentrade as the necessary foundation for the sector.