Bitpanda, a leading crypto trading platform focused on the European market, has reportedly announced that it raised $263 million in a Series C funding round, which has valued the firm at $4.1 billion. It is three times more than the $1.2 billion valuation it hit in its last private fundraising round five months ago.
According to credible reports, Valar Ventures, the venture capital firm co-founded by US tech business tycoon Peter Thiel, led the latest investment round. Other investors in Series C include, REDO Ventures, Alan Howard, as well as previous backers LeadBlock Partners and Jump Capital.
There a number of trading platforms and exchanges aimed at retail investors, including several major US-based firms. However, Bitpanda has made a name for itself by being completely Europe-focused, with offices and physical tech centers spread across eight cities in the continent, including Barcelona, Vienna, Berlin, London, Krakow, Milan, Paris, and Madrid.
The company has an additional twist, in that it allows its ~3 million customers to invest (commission-free) in valuable metals or any well-established stock of their choice easily. This is in addition to allowing people to get onto the crypto rollercoaster, which was its initial point of focus.
Despite diversification outside crypto, a representative from Bitpanda stated that crypto trading remains the favorite choice for the company’s existing customers, stressing that the Stocks trading platform is currently in its beta phase.
With the new Bitpanda Stocks, the company created a new manner of investing in the stock and ETFs; it effectively allows 24/7 investing. While this is still in the beta phase, the firm is continuously adding new assets, the representative added.
Meanwhile, back in June, Bitpanda entered the B2B sector with a white label platform solution that allows other fintech and banks to offer trading to their own clientele.
This mix of products and geo specialization has helped the platform gain new users: Bitpanda claims to be on track to reach 6x year-on-year customer growth, with revenues slated to rise 7x in 2021 as compared to last year.