Bitpanda closes one of the largest Series A rounds in Europe this year

Austrian FinTech platform Bitpanda has closed its latest round on $52m, which it claims to be the largest Series A to be raised in Europe this year.

Valar Ventures led the investment, which will be used to increase Bitpanda’s expansion efforts and presence in the European market.

Bitpanda claims to have doubled annual revenue and has more than 1.3 million users of its digital currency wallet.

Its services, which are available on desktops and mobiles, enables users to buy, sell and trade cryptocurrencies. Users have access to 44 investment assets including Bitcoin, Ripple, Litecoin, Tether, Ethereum and others.

Earlier in the year, the company released payments and savings services.

This year has also seen Bitpanda enter France, Spain and Turkey, with plans to reach additional European markets later this year and next. To bolster the growth efforts, the company is hiring 70 new staff members to bring its team to 300 people.

Bitpanda co-founder and CEO Eric Demuth said, “By using industry-leading technology and building innovative financial tools, we’re democratising investing and giving everyone access to the financial markets, no matter their financial means.

“We are making it possible for everyone to take ownership of their financial future and are providing our customers with financial knowledge and education in the process. Our goal is to become the leading investment and trading platform in Europe, not only for the people who are already familiar with trading but for everyone.”

In line with the investment, Valar Ventures founding partner Andrew McCormack has joined the Bitpanda board of directors.

Bitpanda closed its seed round on an undisclosed amount in April 2020.

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