Opentrade has raised $ 7 million in a strategic round led by the capital notion and the Mercury Fund, with the support of A16z Crypto, Albionvc and CMCC Global. The last financing carries the total company with headquarters in London to $ 11 million in just six months, a sign of investors in the promotion of the startup to bring users’ performance to users in unstable economies.
The company runs a “performance as a service” designed for Fintech, exchanges and neobanks applications. Customers such as Cryptan in Spain and Littio in Colombia use the Opentrade Backend to allow users to gain interest, up to 9%, in USD and Eur holdings.
In countries such as Argentina or Colombia, where the dollar bank accounts are rare and offer an insignificant interest, operade applications allow users to obtain significant yields directly from their phones. In Colombia, for example, banks offer less than 0.4% APR in dollars. Littio users can get up to 6%.
Opentrade administers $ 47 million in assets and has processed about $ 200 million in volume, growing 20% month by month. Capital injection will help the company to climb operations and improve its technological battery.
“Opentrade is building central financial infrastructure for the next generation of Fintech,” said Samantha Lewis de Mercury Fund. ITXASO of the Palacio de Notion Capital added that the market capitalization of $ 240 billion stablecoins causes the operating infrastructure to be a necessary base for the sector.
