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Bitpanda Reaches Unicorn Status With a $1.2bn Valuation

Following its valuation of $1.2bn, the Vienna-based fintech Bitpanda secures one of Europe’s largest Series B rounds. The Executive Magazine speaks to Co-Founder and CEO Eric Demuth

  • The $170 million Series B round was led by Valar Ventures as the growth of Europe’s largest digital investment platform continues.
  • The round is among Europe’s largest ever Series B rounds, and means Bitpanda is now Austria’s first unicorn
  • In the six months since Bitpanda announced its Series A funding, its user base has grown from 1.3m to over 2m registered users.
  • Bitpanda plans to continue fearlessly entering new European markets and scaling its offering sustainably.

Bitpanda, the leading European digital asset platform, has announced the signing of one of Europe’s largest Series B rounds ever by securing $170 million in a round led by Valar Ventures, with participation from the partners of DST Global. The latest round, secured just 6 months after a successful $52m Series A, means that Bitpanda has reached unicorn status at a valuation of $1.2bn. 

Since closing its Series A in September 2020, Bitpanda has increased profits with the revenue in the first two months of 2021 surpassing the total revenue of 2020, and has seen its user base grow from 1.3 to over 2 million registered users. Bitpanda also recently released its first physical product, the Bitpanda Card, a debit card that allows you to spend your investments like cash, facilitated by the leading payment technology company, Visa. Investors will also soon be able to access an even more diverse range of digital assets via Bitpanda, with 24/7 investing in fractional shares & ETFs due to be added to the platform in April. This will ultimately provide users from across Europe with easy access to an increasingly diverse portfolio of assets. The Series B was signed last week and is currently in the necessary approval process of the Austrian Financial Market Authority (FMA). 

Eric Demuth, Co-Founder and CEO of Bitpanda, said: “Becoming Austria’s first unicorn is a great achievement, and I’m incredibly proud of the team for everything we have accomplished over the past few years. It is yet another endorsement in our vision to give everyone more access and greater control over their financial future, on their terms, no matter their financial means.”

“Retail investors will soon be able to access an even larger range of digital assets, and we already have plans in place to bring our offer to several new markets. Our goal is to continue leading the digital investment revolution in Europe and to help people build the confidence and knowledge to be in charge of their financial future. Our partners and this round will enable us to do that, and more.” 

James Fitzgerald, Founding Partner of Valar Ventures, said: “Since we joined the board last September, we have continued to be impressed with the work that Eric, Paul and the team are doing. One of the positive changes caused by the pandemic was an increased interest in personal finance, and Bitpanda’s broad offer and commitment to demystifying investing for a new breed of retail investors means it is perfectly positioned to take advantage of the trend. With over 700,000 new users in just 6 months, we know that people want access to the platform, and we’re excited to bring Bitpanda to every investor in Europe.”

Bitpanda already expanded into France, Spain, Turkey, Italy and Poland in 2020 and will enter additional European markets throughout 2021 and the years to come. In December 2020, a tech innovation hub was established in Krakow with the objective of doubling the workforce and there are plans to form tech hubs and offices in Madrid, Barcelona, London, Paris and Berlin. 

Bitpanda is a leading European neobroker on a mission to democratize the complex world of investing. Founded in 2014 by Eric Demuth, Paul Klanschek and Christian Trummer, the company is a firm believer in transparency and making it as easy as possible for everyone to start investing. Bitpanda removes complicated financial barriers by harnessing the innovative power of digitised assets and blockchain technology. With low fees, 24/7 trading and real-time settlement, Bitpanda empowers users to shape their financial futures – on their own terms.

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