Digital investment app Bitpanda has more than tripled its valuation within four months, after a fresh funding round puts its enterprise value at $4.1bn.
This comes alongside the close of its Series C on $263m, which was led by Valar Ventures. Additional support came from Alan Howard, REDO Ventures, and existing backers LeadBlock Partners and Jump Capital.
With the fresh equity, Bitpanda hopes to bolster its team and prepare the company for scaling. Alongside this, it will be deepening its technology development and international expansion efforts.
Bitpanda only joined the unicorn club in March 2021, after a $170m Series B put its valuation at $1.2bn. The round, which allegedly made Bitpanda the first Austrian unicorn, was also led by Valar Ventures.
Founded in 2014 by Eric Demuth, Paul Klanschek and Christian Trummer, the company launched as a crypto-trading platform. Over the years, it has evolved to offer all types of investment opportunities, including commission-free fractional stocks, cryptocurrencies and precious metals. Investors can commit as little as $1.
Bitpanda claims to have three million users, with Valar Ventures founding partner Andrew McCormack stating the FinTech had onboarded 1.2 million customers in just the first half of 2021.
The FinTech company said it has experienced strong growth this year and is on track to record a six-times customer growth year-over-year and a sevenfold increase in revenues.
Bipanda co-founder and CEO Eric Demuth said, “We started Bitpanda in 2014 with a clear vision: to bring investing closer to everyone, everywhere. 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.
“We’re grateful to share our journey with these incredible people — and that’s why a key area of focus for us is to keep strengthening our team by bringing onboard world-class talent.”
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