Austrian cryptocurrency trading platform, Bitpanda has recently raised $263 million in a Series C funding round led by Valar Ventures, a venture capital firm co-founded by tech billionaire Peter Thiel.
This new funding round, which was concluded earlier this month, saw investments from Alan Howard and REDO Ventures, including other existing investors like LeadBlock Partners and Jump Capital.
Bitpanda noted that it will utilize the funds realized from this round to expand into international markets, scale its platform, and increase the number of its employees.
Eric Demuth, Bitpanda’s co-founder and CEO said,
“We wouldn’t be here today without the efforts of our talented team members who are constantly ‘rolling up their sleeves’ to make things happen… We’re also grateful for the vote of confidence received from our investors, old and new, in this investment round. We look forward to working together as we shape the future of finance and grow Bitpanda into the #1 investment platform in Europe and beyond.”
The founding partner of Valar Ventures, Andrew McCormack added,
“We believed in Bitpanda’s potential from the beginning… We’re excited to further work together to bring the world of investing at the fingertips of everyone, anywhere.”
Bitpanda Now Valued at $4.1 Billion
The latest cash injection brings Bitpanda to a market valuation of $4.1 million, which is more than three times its $1.2 billion value five months ago.
Earlier in March, Bitpanda had earned the title of Austria’s first fintech unicorn after raising $170 million in a Series B funding round.
Bitpanda’s Impressive Growth
Bitpanda has been making a name for itself both within and outside the crypto space. The company has offices and physical tech hubs located in eight different cities scattered across Europe, including Barcelona, Paris, Madrid, London, Krakow, Berlin, Milan, and Vienna.
Bitpanda also offers its over 3 million users a diversified range of assets to invest in, including precious metals, established stocks, and cryptocurrencies from as little as $2.
However, despite the diversification, a significant portion of Bitpanda users are more interested in trading crypto, especially with the ongoing crypto-mania as the crypto market rebounds above $2 trillion.
Bitpanda also recently expanded into the business-to-business (b2b) market, by introducing a new product that will allow other fintech firms and banks to offer crypto and stock trading to their clients.
The company noted that it expects to achieve a 6x customer growth and a 7x revenue increase in 2021 in contrast to last year.
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