The fact that Speedinvest has taken a stake in Bitpanda this year has paid off. The Viennese Crypto dealer of the founders Eric Demuth, Paul Klanschek and Christian Trummer has now raised a whopping 52 million dollars (44.6 million euros) from investors in a Series A, delivering the largest financing round for an Austrian start-up to date this year. So far, PlanRadar has held the record of the year with an investment of about 30 million euros.
Valar Ventures by renowned venture capitalist Peter Thiel came on board in the financing round. Valar Ventures’ portfolio shows a clear focus on fintech – including investments in N26, TransferWise, Stash and Qonto. Speedinvest is also involved in the round. It is not yet clear in the company register how many shares Thiel’s investment vehicle has secured. There is currently no information about an evaluation – the Unicorn status that was sought is not yet likely to have been achieved by the company.
Bitpanda recently put a new focus on the trend towards “Decentralized Finance” and added six tokens from the DeFi division to the portfolio. In addition, with the support of Speedinvest, the Viennese expanded this year to France, Turkey and Spain, which were identified as growth markets.
As part of the investment round, Andrew McCormack of Valar Ventures will be added to the Board of Vienna. The number of employees is expected to grow to 300, currently about 70 positions are advertised “The investment of Valar Ventures is a strong vote of confidence in Bitpanda and our
Corporate vision – after all, it comes directly from one of the world’s most important investors in emerging technology companies,” Bitpanda-CEo Demuth said in a statement.
“At Bitpanda, we rely on industry-leading technologies to create innovative products that democratize the financial world. Our mission is to give everyone a fair access to the financial market, regardless of their individual financial and cultural background.”
Course towards Neobroker
After Bitpanda also entered the digital trade in gold and silver in 2019, the company is moving towards neobrokers. “It’s not just about Crypto. Bitpanda wants to expand beyond cryptocurrencies and move into new asset classes,” Stefan Klestil, who advises Bitpanda as a fintech expert at Speedinvest, said earlier this year. For example, users on the trading platform could soon not only buy Bitcoin, Ethereum and Gold, but also invest in stocks or ETFs, for example.
Startups increasingly want to win over this field. The big riser of the year is Robinhood, which raised about 1.2 billion dollars in investment in 2020 alone. However, since the neobroker wants to stay in the USA for the time being, the European market remains exciting for local companies. By expanding the asset classes, Bitpanda could also become the leading neobroker in Europe if it succeeds in breaking out of the Crypto bubble.