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The ‘fintech’ Bitpanda closes a funding round of 44 million euros

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The digital investment company that landed in Spain last June claims to want to become the next unicorn in Europe.

Bitpanda continues its growth. The Vienna-based 2014 digital investment platform closed Europe’s largest Series A funding round in 2020, with $52 million. The transaction has been led by Valar Ventures (investor in Paypal or N26) and other funds such as SpeedInvest (Investor in N26 and Bnext).

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So far this year, Bitpanda has started operations in Spain, France and Turkey, recording annual growth of 100% and more than 1.3 million users.

“We are very happy with our arrival in Spain. Although the opposite may seem to be the opposite here, Spain is one of the markets in the European Union with the greatest interest in innovation and investment. Specifically, it has one of the highest cryptocurrency adoption rates on the continent, with approximately 10%. With regard to the figures for the first few months in Spain, I prefer not to give data until a reasonable margin of time has passed. I can only tell you that the expectations are being met and the importance of this market is reflected in that Madrid is the only place in the world where we have an office in addition to our Headquarters in Vienna”, explains Eric Demuth, co-founder and CEO of Bitpandaa Expansión.

Bitpanda appointed Spaniard Alejandro Zala (former of OpenBank, Banco Santander, Jp Morgan and Arcano) as country manager in our country and is the only manager working outside Austria.

“The Next Unicorn”

As part of the investment, Valar Ventures founding partner Andrew McCormack will join Bitpanda’s board. Andrew was part of PayPal in his early years and supported Peter Thiel during his IBRO and sale to eBay in 2002. According to Demuth, McCormack’s incorporation into the board of directors will help the company become the “next European unicorn.”

“Our main goal is to become the number one neobroker,” he says. With the money of the round, Bitpanda aims to continue to grow in Europe. “Besides. we will launch new products, the first next week, and I also want to highlight a product that we will launch in early 2021 that will offer a completely new and innovative form of stock trading,” adds the company’s CEO.

Bitpanda allows users to invest in both digital assets and precious metals, with access to 44 investment assets. This year, the company launched its payment and savings platform, to which in a few months it will add the new stock trading tool. In addition, the company is in the process of contracting and expects to have 300 employees before the end of the year.

“To make everyone understand, we want to make investing in digital assets as easy as ordering a pizza or taxi. Investment must be reinvented. She needs to be democratized. It shouldn’t matter at all how rich you are. Same access and same rules for everyone. To achieve this goal, we are aware of the importance of financial education and in Bitpanda, we want to be an active part of the change of financial culture in Europe, and of course in Spain”.

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