Bitpanda, the prize-winning European fintech platform and cryptocurrency broker, has announced that it has secured $52 million in series B funding.
The funding was led by UK-based venture capital firm Valar Ventures supported by existing investors including Peter Thiel’s Founders Fund, Speedinvest and Eric Demuth’s financial services business Sygnum.
The funding will help Bitpanda expand its team and build out its product offering with exciting new features incorporating AI and machine learning technologies. Moreover, it will be used to enter new markets as it continues its mission to make digital assets accessible to everyone worldwide.
This latest round brings Bitpanda’s total funding raise to an incredible $78 million. The company is still in high growth phase, focusing on expanding globally, developing innovative products and creating advanced technology solutions for the financial services industry. It plans to use the proceeds of this investment round to continue working towards these goals.
Crypto exchange Bitpanda closes $52M Series A from Valar Ventures, backed by Peter Thiel
Bitpanda, a leading European fintech, recently closed a Series A funding round of $52 million from Valar Ventures, the venture fund actively backed by early Facebook investor Peter Thiel. The funding round was led by Valar Ventures, with participation from Target Global, Speedinvest and existing investors. This is the largest Series A round ever raised in the European fintech space.
The money will be used to build out Bitpanda’s product offering, focus on compliance and license requirements, and expand the team.
Overview of Bitpanda
Bitpanda is a leading fintech company, founded in 2014 and headquartered in Vienna, Austria. The company enables simple and secure trading of cryptocurrencies, digital assets and base metals on its platform. Bitpanda strives to bridge the gap between traditional financial services and digital asset markets by providing investors access to the latest technology, a user-friendly interface, real-time market data, advanced security measures and more.
Bitpanda’s secure online platform has become one of the most popular places to buy, sell and store digital assets. Bitpanda is licensed by the Austrian Financial Market Authority (FMA) with an e-money licence that allows it to operate as an e-wallet provider within the European Union (EU). This means Bitpanda can offer its users convenience while providing peace of mind regarding security of their funds.
The company reported €94 million revenue from its services in 2019, representing a fivefold increase from 2018. In addition to revenue growth, Bitpanda recently announced a $52 million Series A funding round led by Peter Thiel’s Valar Ventures and participated in by other global venture capital companies such as DN Capital, Speedinvest and Tech Group. With this additional capital injection from investors committed to the long-term success of Bitpanda’s products, the company plans to expand its team significantly over the next year and build out its products for a better user experience for all digital asset traders worldwide.
Valar Ventures and Peter Thiel’s involvement
Valar Ventures, a venture capital firm headed by Peter Thiel and co-founded with James Fitzgerald in 2010, has been one of Bitpanda’s major investors. Founded in 2014, the European-focused company has raised over $200 million in funding over the past 5 years and recently announced an additional $170 million led by Valar Ventures. This latest round of funding brings Bitpanda’s total valuation to over $1 billion, making it Austria’s first ‘unicorn’ company.
As well as participating in this most recent funding round, Valar Ventures have been closely involved in the company since its inception. Through the years, Valar has provided key advice, guidance and resources that have allowed Bitpanda to become the success it is today. Over the years their investments have enabled them to expand their product offering, open their first brick-and-mortar location and attract top talent from all around Europe as they continue to build out their team.
Peter Thiel himself has had a long history as an investor and entrepreneur, being a major player in many of today’s biggest tech companies including PayPal and Palantir Technologies and investing heavily into companies such as Spotify in its earlier days. With so much experience investing in new enterprises and being an entrepreneur, he can provide unique advice based on first-hand experience, which can be invaluable for young startups like Bitpanda who are looking for ways to compete against larger organizations within a highly competitive market.
Impact of the Investment
Crypto exchange Bitpanda recently closed a $52 million Series A funding round from Valar Ventures, backed by Peter Thiel. The investment is a large one and will significantly impact the company’s trajectory.
With this new funding, Bitpanda plans to expand its team and product capabilities further. This will provide more opportunities for the people and ultimately drive the company’s success.
Expansion of Bitpanda’s Team
Bitpanda has recently announced the closing of a €52 million Series A funding round led by Peter Thiel’s Valar Ventures, with participation from Speedinvest, Coinbase Ventures, and existing investors DN Capital. The fresh capital will expand Bitpanda’s team and build out its product offering for consumers and institutional customers.
Through the capital raised by this recent funding round, Bitpanda plans to hire new engineering talent to help grow its professional trading platform, Bitpanda Pro. This platform aims to make it easier for European markets to access different digital asset products. The company will also look towards expanding its educational content offerings.
The team at Bitpanda is aiming to achieve further accessibility by launching services in additional geographies in the future, as well as launching a mobile app version of their popular investment platform. The funding is also set to help develop user experiences across the company’s other products, such as its cryptocurrency wallet and exchange platform.
Founder and CEO of Bitpanda Eric Demuth said “We’re delighted with the strong interest in our Series A raise — it truly shows that there’s a great demand for easy-to-use products that make investing into cryptocurrencies simple.” He continued by saying: “We’re going bigger than ever before and are thrilled about what that means for our customers now and in the future”.
Development of Products
This funding will be used to invest in developing Bitpanda’s product roadmap, focusing on creating innovative products that provide customers with increasingly secure and user-friendly access to digital assets and cryptocurrencies. Bitpanda also plans to use the funding to expand its team of experienced professionals in business, engineering, product management and design.
The development of the products will be based on an emphasis on quality and security, with the implementation of cutting-edge technologies in order to ensure future scalability. Leveraging their team’s experience, Bitpanda plans to further propel its platform capabilities and launch new products such as a decentralized non-custodial exchange for digital assets and cryptocurrencies.
In addition, this investment will enable Bitpanda to bolster its commitment towards increasing customer support, strengthening its marketing capabilities, and expanding into even more international markets across Europe. The mission at Bitpanda is to create a comprehensive suite of resources for investors so that anyone can join the digital asset revolution and gain access to the financial markets from anywhere around the world.
In conclusion, Bitpanda’s new funding of 55 million euro will allow the company to expand its team and build out its products. This additional funding will help Bitpanda meet its customers’ demand and continue providing them with top-notch services.
Bitpanda has also been expanding into other countries such as Turkey, Chile, and Colombia to increase its presence in global markets. The expansion plans come at an important time for Bitpanda as the company seeks to become a leader in the cryptocurrency market.
tags = Crypto, Bitpanda, $52M, Valar Ventures, Peter Thiel, crypto assets platform, bitpanda 170m series ventures austrialundentechcrunch, Vienna-based VC, eToro, Robinhood