Komal Joshi · Oct 21, 2020 . 6min read
Vienna’s Bitpanda Secures $52M funding in Series A Round
Vienna based Bitpanda closed its Series A funding round by securing $52 million in a round led by Valar Ventures backed by Peter Thiel.
By Komal Joshi · Sep 29, 2020 . 5min read
Vienna-based crypto investment and trading platform, Bitpanda, has closed a $52 million Series A funding round from Valar Ventures. Valar Ventures is a venture capital firm supported by Peter Thiel. Vienna-based VC Speedinvest also joined, besides other unnamed investors. Valar Ventures’ founding partner, Andrew McCormack, will also join Bitpanda’s board as part of the investment.
Bitpanda aims to lead transformation in European Financial Industry.
Bitpanda aims to develop Europe’s leading multi-asset investment platform. Moreover, the fresh capital inflow will support it to extend into new markets and build its team faster. The large-scale investment will be utilized to push Bitpanda’s expansion and place the Vienna-based company as a leader in reconstructing Europe’s financial industry.
Bitpanda expanded to France, Spain, and Turkey in 2020. It intends to enter other European markets this year and next. However, the company will also launch a new industry-leading product offering. This includes an entirely new and innovative stock trading way next year. The fintech company alleges it has about 1.3 million users and is recently doubling revenue annually. Moreover, through its desktop and mobile apps, users have access to 44 investment assets supported by state-of-the-art technology quickly, efficiently, and securely.
In 2020, the company launched payments and savings platforms. It will use the new funding to build more innovative ways of trading and investing. Thus, assuring digital investing and trading of all asset classes is accessible to everyone in Europe. Bitpanda aims to expand its team to 300 employees by the end of 2020 as it seeks to debut a new and innovative way of stock trading to boot.
As an early investor, Thiel is popular for his association with PayPal as a co-founder and Facebook Inc., has supported significant cryptocurrency projects before. In July 2018, the billionaire led a funding round for EOS cryptocurrency’s parent Block.one. However, in October last year, Thiel backed Texas-backed Bitcoin mining startup Layer1.
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