Bitpanda was crowned Austria’s first unicorn just four months ago. With the conclusion of the latest round of financing, the “Einhorn” is now multiplying its company valuation, which has big plans for the European market.
There is hardly any other trading service provider where the blossoming of the European fintech scene can be seen as impressively as at Bitpanda. The neo broker has long made a name for itself beyond Vienna as an all-rounder on the digital financial floor and is gradually growing beyond itself. Bitpanda was the first Austrian start-up ever to have a company valuation of over a billion US dollars, and since then it has proudly worn the well-deserved Unicorn badge on its chest. But at the latest with the conclusion of the latest financing round, Bitpanda stands out from the unicorn herd.
Bitpanda wants to conquer Europe
The company’s latest round of financing, led by Valar Ventures with the participation of Alan Howard and REDO Ventures as well as LeadBlock Partners and Jump Capital, brought a whopping $ 263 million more into the company’s coffers. But that’s not all. In the same breath, the company has nonchalantly more than tripled its company valuation. Bitpanda, which only became a unicorn four months ago, now comes to $ 4.1 billion.
At the end of the journey, Bitpanda is still a long way from reaching the end of the journey. With the company, which recently expanded its presence in Berlin, the demands of “becoming Europe’s largest investment platform” are also growing, as Marcus Feistl, Bitpanda Country Manager for the DACH region, explains to us. The broker is consequently reinvesting the funds from the Series C financing round in order to advance the company and prepare it for competition in the European market.
We would like to continue to apply our learnings and findings from the crypto area, where Bitpanda has its origin, to the entire financial sector and enable innovations. We want to hire the best talent in Europe to deliver precisely these groundbreaking products. And we want to do even better in the markets we have developed and expand into new European markets so that more people can use our products to gain access to the financial world.
Adaptability as a recipe for success
Bitpanda relies on the tried and tested ingredients for success: trading in “commission-free stocks, cryptocurrencies or precious metals” via a “well-rounded investment platform that gives everyone the freedom and flexibility to invest with any amount of money in what they believe in”. The core business is still crypto trading. But interests are gradually shifting, says Feistl:
At the moment, crypto trading is the preferred choice for our users and I think the last few years and especially the last few months have shown that cryptocurrencies have become much more established as an asset class. However, we are also noticing that stock trading on our platform is slowly picking up and increasing its share of total trading. A healthy portfolio will always consist of different asset classes.
So you don’t have to worry about the future prospects for Bitpanda. Probably also because the company has already proven in the past that it does not take off despite the inflows of capital and that it operates sustainably. The company has been profitable for over five years and has “no burn rate”, as Fesitl adds. If Bitpanda continues to stick to its healthy growth path, the unicorn will soon have to look around for a larger stable.