Six months on from closing a $52 million Series A, Vienna-based neo-broker Bitpanda has banked another $170 million in a Series B raise that values the startup at $1.2 billion.
Peter Thiel’s investment firm Valar Ventures led both rounds, with partners from late-stage investor DST Global also participating in the latest raise. Signed last week, the Series B fundraise still needs to be approved by the Austrian Financial Market Authority, the local regulator.
“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,” said James Fitzgerald, founding partner of Valar Ventures.
Bitpanda is a crypto investment platform which also offers precious metal investments, with plans to branch out into stocks and exchange-traded funds (ETFs). Launched in 2014, the company claims to have more than two million users.
Having taken no external investment for six years, CEO Eric Demuth recently told The Block that fundraising has had a “huge positive effect” on the company – adding that Thiel’s backing has boosted the firm’s profile and the quality of job applicants it receives.
The company also claims to have boosted performance recently, with revenue in the first two months of this year surpassing total revenue in 2020.