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Thiel’s Valar Ventures leads third elevate for Bitpanda, at $4.1B valuation


Vienna-based cryptocurrency dealer Bitpanda has closed its third main non-public financing spherical led by Peter Thiel’s Valar Ventures. 

Elevating $263 million, and drawing in new investments from British billionaire hedge fund supervisor Alan Howard and REDO Ventures, the corporate is now valued at $4.1 billion. That’s thrice its final valuation at $1.2 billion for its $170 million elevate in March of this 12 months. 

Bitpanda has now raised near $500 million by way of varied non-public financing rounds, counting three-time backer Valar Ventures alongside repeat traders that embrace LeadBlock Companions and Bounce Capital. Since 2014, the corporate’s choices have centered on cryptocurrency and valuable metals brokerage. The platform is at present trialing a inventory buying and selling service that might be dwell 24/7.

In an interview with CNBC, Bitpanda co-founder and CEO Eric Demuth stated that the inventory providing would doubtless be prepared by the top of this 12 months. Having cemented its recognition amongst crypto customers, the brand new service would convey the platform onto the identical terrain as extremely profitable inventory buying and selling apps like Robinhood, whose profile — in addition to buying and selling volumes and, arguably, notoriety — shot up throughout the Gamestop saga earlier this 12 months

One distinguishing characteristic of Bitpanda is its profitability; Demuth has stated the corporate has been worthwhile for the previous 5 years and, whereas not disclosing its actual annual revenues to reporters, is ostensibly on monitor to extend them sevenfold in 2021. With over three million customers at current, nonetheless considerably decrease than rivals like Robinhood and Revolut, that units it other than each. The latter’s IPO submitting revealed a $1.4 billion quarterly loss early this 12 months, and Revolut misplaced over $230 million in 2020 — up 57% from 2019.

In its March 2021 elevate, Bitpanda had sealed funding from Robinhood-backer DST World, which has not, on the time of writing, been publicly confirmed as a participant on this newest spherical.

Associated: Crypto-friendly app Robinhood loses 8% in public Nasdaq debut

Bitpanda operates solely in Europe, with plans to broaden to new markets like France, Spain, Italy and Portugal utilizing the brand new funding. The corporate doesn’t have imminent plans to go public however Demuth has spoken positively of Smart’s latest direct itemizing on the London Inventory Change, which adopted a list technique first utilized by Spotify on the New York Inventory Change in 2018. He has dominated out an IPO through a merger with a SPAC — the route utilized by stablecoin issuer Circle for its NYSE public itemizing later this 12 months.