- Bitpanda is worth $4.1 billion after its latest funding round led by billionaire investor Peter Thiel.
- Bitpanda, a stock and crypto trading service, tripled its valuation from just five months ago.
- The company, which is Austria's first unicorn, announced the new funding on Tuesday.
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Bitpanda, a cryptocurrency investment platform, is now worth $4.1 billion after its latest $263 million Series C funding led by billionaire investor Peter Thiel.
This means Bitpanda has since tripled its valuation from the $1.2 billion it was valued at just five months ago.
Austria's first unicorn made the announcement on Tuesday. The funding was led by Thiel's venture capital firm Valar Ventures, which has backed Bitpanda since it had its first major funding round in September 2020. Other investors included billionaire hedge fund manager Alan Howard and REDO Ventures, as well as existing investors.
Founded in 2014, Bitpanda began as a cryptocurrency trading company but has since broadened into an investment platform that allows its three million users to trade in fractional stocks or precious metals, according to Eric Demuth, company cofounder and CEO.
"Looking back, it's been an incredible journey," Demuth said in a statement. "We're proud to now be one of the fastest-growing fintechs in Europe."
The company's rivals include Revolut, Trade Republic, and eToro, among others. For now, Bitpanda only operates in Europe, though it is eyeing an international expansion soon, Demuth said.
Bitpanda was founded by Demuth, Paul Klanschek, and Christian Trummer who all still have a majority stake in the Vienna-based firm. Calculations by Bloomberg estimate the trio having a combined net worth of more than $2 billion on paper.
Bitpanda's latest funding announcement comes as the cryptocurrency market is trading sideways on regulatory and environmental concerns after scaling to record highs earlier this year.