Crypto Exchange Bitpanda Raises $52 Million in Series A

Bitpanda, a Vienna-based crypto investment and trading platform, has raised over $52 million from high-profile investors such as ex-Paypal founder Peter Thiel and others in a recent funding round, according to a release.

The investment was led by Thiel’s Valar Ventures and included other fintech-centric investment funds like Speedinvest. Bitpanda claims it was Europe’s largest crypto-focused Series A in 2020.

Bitpanda—which boasts over 1.3 million users—intends to expand its business and become a leader in Europe’s upcoming digital finance industry. In 2020, the company also launched new payments and savings platforms, and said part of the funds will be used to improve its offering.

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

As part of the investment, Valar Ventures founding partner Andrew McCormack, will also join Bitpanda’s board. McCormack has an extensive track record in growing digital champions, he joined PayPal in its early years and supported Thiel during its IPO and eventual sale to eBay in 2002.

In 2020, Bitpanda has expanded to France, Spain, and Turkey and will enter additional European markets over the next two years. It will also launch new product offerings, such as stock trading, in early-2021, as part of the expansion.