Buying and selling platform Bitpanda raises $263M at a $4.1BN valuation • TechCrunch

It’s not even half a yr since crypto alternate Bitpanda introduced a $170 million Series B — when, again in March, Austria’s first unicorn was being valued at $1.2 billion. Right now it’s topping that: Asserting a $263 million Sequence C, led by Peter Thiel’s Valar Ventures, with the fintech startup now valued at a whopping $4.1 billion — greater than 3x its earlier valuation as crypto buying and selling continues cooking with gasoline.

The spherical was signed earlier this month, simply 4 months after the enterprise gained unicorn standing. Different collaborating buyers embrace Alan Howard and REDO Ventures, with current buyers LeadBlock Companions and Soar Capital additionally becoming a member of the Sequence C.

There are a variety of exchanges and buying and selling platforms focused at retail buyers, after all, together with some big U.S.-based players. However Bitpanda has been making its mark by being Europe-focused, with workplaces and bodily tech hubs situated in eight cities throughout the area, together with Vienna, Barcelona, Berlin, Krakow, London, Madrid, Milan and Paris.

The platform has an extra twist in that it lets its ~3 million customers simply make investments (commission-free) in valuable metals (like gold) or in any established inventory they fancy — along with encouraging people to hop aboard the crypto rollercoaster, which was its first focus. (The minimal funding quantity set by the platform is €1.)

Regardless of diversification past crypto, a spokeswoman confirmed to us that crypto buying and selling stays “the popular selection” for Bitpanda’s present customers, noting the Shares buying and selling product continues to be in beta. “With Bitpanda Shares, we launched a brand new means of investing in shares and ETFs; it allows investing 24/7, any time, day or evening. That is nonetheless in a beta part, we’re including continuously new belongings. That mentioned, inventory buying and selling is slowly choosing up and rising its share in total buying and selling,” she added.

Extra just lately (in June) Bitpanda expanded into the B2B market — with a white label platform providing that lets different fintechs and banks supply buying and selling to their very own shoppers.

This mix of merchandise and regional focus has helped the platform pile on new customers in brief order: Bitpanda says it’s “on observe” to attain 6x buyer progress yr over yr, with revenues projected to extend sevenfold in 2021 versus the earlier yr.

The Sequence C funding shall be used for worldwide growth and progress, per a press launch, in addition to happening additional beefing up headcount (500+ sturdy at this stage), in addition to on gearing up for additional scaling of the enterprise.

Tech and product are additionally set to get juiced with Sequence C funds.

Commenting in an announcement, Eric Demuth, co-founder and CEO, mentioned:

We began Bitpanda in 2014 with a transparent imaginative and prescient: To convey investing nearer to everybody, in all places. We wouldn’t be right here right this moment with out the efforts of our proficient group members who’re continuously “rolling up their sleeves” to make issues occur. We’re grateful to share our journey with these unimaginable folks — and that’s why a key space of focus for us is to maintain strengthening our group by bringing onboard world-class expertise. We’re additionally grateful for the vote of confidence obtained from our buyers, outdated and new, on this funding spherical. We sit up for working collectively as we form the way forward for finance and develop Bitpanda into the No. 1 funding platform in Europe and past.

Bitpanda’s spokeswoman additionally advised us that worldwide growth and progress are “key priorities,” including: “We’ll preserve constructing the group, opening new workplaces, and launching new merchandise as we design for scale and optimise for progress. This additionally means strengthening Bitpanda’s place in current markets — resembling within the DACH area, Spain, France, Italy, and Poland, and in addition enter new markets, such because the U.Ok. or the markets in Central and Jap Europe.”

In one other supporting assertion, Andrew McCormack, founding companion of Valar Ventures, mentioned: “We believed in Bitpanda’s potential from the start and we’re impressed by the outcomes that Eric, Paul, Christian and the Bitpanda group have achieved. With greater than 1.2 million customers acquired within the first half of 2021, spectacular internet income progress and world-class govt hires, Bitpanda stands because the residing proof that hypergrowth might be achieved in a sustainable means. We’re excited to additional work collectively to convey the world of investing [to] the fingertips of everybody, wherever.”

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