Investment platform Bitpanda nets $52 million in series A round led by Peter Thiel's VC firm

Quick Take

  • The investment platform’s founders say the Series A round is the largest in Europe in 2020
  • The funds will drive an expansion of the assets Bitpanda’s users can trade 

A Vienna-based investment platform specializing in digital assets has closed what it claims is Europe's largest Series A investment round for 2020.

Bitpanda has raised $52m in a round led by Peter Thiel’s Valar Ventures. Venture capital firm Speedinvest also took part alongside other unnamed backers.

A so-called "neo-broker" with more than 1.3 million customers, Bitpanda facilitates trading in cryptocurrencies, precious metals and a range of other assets through a website and app. The company plans to use the proceeds of the round to drive expansion within Europe and hire more staff, as well as to expand the range of assets it offers to its customers.

“We are a crypto platform, but we are transforming into a neo-broker,” Eric Demuth, co-chief executive of Bitpanda, told The Block. 

Paul Klanschek, who is also co-CEO, said the firm plans to apply what it has learned from running a crypto exchange since 2014 to stock trading — and will take on the likes of Freetrade and Revolut.

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