Crypto Trading Platform Bitpanda Hits $4.1 Billion Valuation After $263 Million Raise

European crypto trading platform Bitpanda today announced a new $263 million raise, led by Peter Thiel’s Valar Ventures. The Series C round gives Bitpanda a valuation of $4.1 billion—more than three times its March worth of $1.2 billion. 

The new raise comes amid a fresh wave of interest in cryptocurrencies and fintech firms. Bitpanda competitors include U.S.-based crypto exchange Coinbase which went public in April, and now has a $54 billion market cap and net revenues which are up 44% on the previous quarter. 

Another is fintech starlet Revolut, the UK’s most valuable startup, with a valuation of $33 billion.

Bitpanda: Austria’s first unicorn 

Bipanda, founded in 2014, is Austria’s first unicorn and its most valuable tech startup. The founders Eric Demuth, Paul Klanschek, and Christian Trummer own around half of the business.

The company started as a retail crypto trading operation, but more recently expanded its offering to equity derivatives and commodities. It boasts three million users with locations in major European cities including Berlin, London, Madrid, Milan, and Paris.

The startup said it plans to use the new funds to push ahead with its B2B plans, which allow banks and fintechs to use its platform to offer cryptocurrency and other trading services. It also aims to double down on expansion in Europe and is on track to grow its customer base sixfold year over year.

CEO, Eric Demuth told Sifted that Bitpanda had an advantage over U.S. rivals due to its ability to navigate the complex European regulatory environment.

Demuth said that the company was justified in raising fresh funding so soon after its previous round as much had changed, with mainstream interest on the rise since the previous round was negotiated last year. 

British billionaire financier Alan Howard and REDO Ventures joined existing Bitpanda investors, Valar Ventures, LeadBlock Partners, and Jump Capital for the Series C funding. 

“Bitpanda stands as the living proof that hypergrowth can be achieved in a sustainable way,” Andrew McCormack, a founding partner of Valar Ventures, said in the announcement. 

The venture firm manages over $1.3 billion, and its core thesis is that an increasing number of transformative technology companies are coming from outside Silicon Valley.

17 August 2021 14:35