Bitpanda, a European cryptocurrency exchange, has raised $263 million in a new funding round valued at nearly $4.1 billion.
According to Arabiya Net, that amount is more than 3 times the $1.2 billion value of Bitpanda in its last private funding round five months ago. The latest round also raises the amount of funds raised by Bitpanda to nearly $500 million.
The funding round was led by venture capital firm Valar Ventures, co-founded by American tech billionaire Peter Thiel, which marks the third time it has participated in a funding round. for Bitpanda.
Eric Demuth, CEO and co-founder of Bitpanda, said: "I don't like doing fundraising rounds, as they take too long, CNBC reported." Al-Arabiya.net reviewed it.
Added When you have partners in close contact with them, and they have great funding capabilities, you don't have to go through a full promotional round. Valar added, "She wanted to double down and we wanted to stay with them."
British billionaire hedge fund manager Alan Howard and REDO Ventures have also invested in the latest round of BitPanda, along with existing investors LeadBlock Partners and Jump Capital.
What is BitPanda?
Founded in 2014, Bitpanda is a Vienna-based brokerage that allows people to buy and sell cryptocurrencies and precious metals. The company has also started testing a service this year that allows users to trade stocks around the clock.
Demuth said the startup has been profitable over the past five years.
Profitability is rare in fintech companies, with many startups incurring huge losses.
While Bitpanda did not provide a breakdown of how much profit it generates annually, it said revenue is on track to rise 7 times in 2021. The platform now has more than 3 million users.
The company operates only in Europe, with offices in Vienna, Berlin, London, Paris, Barcelona, Milan and Krakow. It plans to use the funds to expand into key markets such as France, Spain, Italy and Portugal.
