Bitpanda Raises $263 Million in Series C Finance Round, Firm Aims to ‘Double Down on Technology’ – Finance Bitcoin News
Vienna-based crypto platform Bitpanda has announced the firm has secured $263 million in a Series C funding round. The financing was led by Valar Ventures and Leadblock Partners, Jump Capital, Alan Howard, and Redo Ventures joined the investment round. The latest financing gives Bitpanda an overall valuation of $4.1 billion.
Crypto Unicorn Bitpanda Is Now Valued at $4.1 Billion After Capital Raise
Digital investment platform Bitpanda revealed on August 17 that the company raised $263 million in a Series C investment round. The Austrian fintech unicorn is now valued at $4.1 billion, which is triple the size of the firm’s previous $1.2 billion private valuation.
The company says funds will be used to “strengthen” the team, “double down” on technology, and Bitpanda seeks international expansion as well. Bitpanda notes the Series C was signed this month and will need to be cleared by the Austrian Financial Market Authority (FMA).
The financing follows Bitpanda’s previous Series B investment round in May when the company raised $170 million. Bitpanda was founded in Austria by Eric Demuth, Paul Klanschek, and Christian Trummer in 2014.
The platform now boasts 3 million users and believes it’s “on track to achieve 6x customer growth year over year.” Bitpanda also expects 2021’s revenues to increase sevenfold in comparison to last year’s revenue.
“We believed in Bitpanda’s potential from the beginning and we are impressed by the results that Eric, Paul, Christian, and the Bitpanda team have achieved,” Andrew McCormack, founding partner of Valar Ventures said during the announcement.
Bitpanda follows a slew of other crypto firms raising millions of dollars including companies like Dune Analytics, Paxos, FTX, Mintable, Bitcoin Suisse, Valr, Coin Metrics, Messari, Truefi, Matrixport, and Lolli. Bitpanda says that after the Series B finance round, the company produced its commission-free stocks product and in June it launched its B2B market called Bitpanda While Label.
“We started Bitpanda in 2014 with a clear vision: to bring investing closer to everyone, everywhere,” Eric Demuth, co-founder and CEO of Bipanda said in a statement sent to Bitcoin.com News. “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,” he added.
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