Bitpanda secures $170 mn in Series B; becomes Austria’s newest unicorn

By Megha Bhattacharya

Vienna-based digital investment platform Bitpanda has become Austria’s newest unicorn after raising $170 million in Series B funding, giving the company a $1.2 billion valuation. The round was led by Valar Ventures, with participation from the partners of DST Global. The company aims to boost its growth and enter new European markets, following the funding round.

Eric Demuth, co-Founder and CEO of Bitpanda, stated, “Becoming Austria’s first unicorn is a great achievement, and I’m incredibly proud of the team for everything we have accomplished over the past few years. It is yet another endorsement in our vision to give everyone more access and greater control over their financial future, on their terms, no matter their financial means. Retail investors will soon be able to access an even larger range of digital assets, and we already have plans in place to bring our offer to several new markets. Our goal is to continue leading the digital investment revolution in Europe and to help people build the confidence and knowledge to be in charge of their financial future. Our partners and this round will enable us to do that, and more.”

Recently, Bitpanda launched a new Visa debit card – Bitpanda Card, powered by Contis’ zero-balance Buffer technology. The zero balance technology aims to remove the need to liquidate assets before spending. This allows digital assets in Bitpanda accounts to be automatically converted to fiat at point-of-sale, both online and in-store.

According to Bitpanda, the card can be linked to any asset in a user’s portfolio and through the app, cardholders can easily switch, from cryptocurrency to gold, and spend in real-time.

James Fitzgerald, Founding Partner of Valar Ventures, said, “One of the positive changes caused by the pandemic was an increased interest in personal finance, and Bitpanda’s broad offer and commitment to demystifying investing for a new breed of retail investors means it is perfectly positioned to take advantage of the trend. With over 700,000 new users in just 6 months, we know that people want access to the platform, and we’re excited to bring Bitpanda to every investor in Europe.”