Following the growing numbers of crypto exchanges hitting it large in revenue figures, Bitpanda is in the money news again with a $263 million Series C round, led by Peter Thiel’s Valar Ventures, which puts its value at $4.1 billion.

The round C, which pushed Bitpanda’s value up 3x more, comes about six months after the crypto exchange announced a $170 million Series B. The Austrian startup was valued at $1.2 billion back in March.

The round was signed earlier this month, just four months after the business gained unicorn status, TechCrunch has the report. Other participating investors include Alan Howard and REDO Ventures, with existing investors LeadBlock Partners and Jump Capital also joining the Series C.

There are a number of exchanges and trading platforms targeted at retail investors, of course, including some big U.S.-based players. But Bitpanda has been making its mark by being Europe-focused, with offices and physical tech hubs located in eight cities across the region, including Vienna, Barcelona, Berlin, Krakow, London, Madrid, Milan and Paris.

The platform has a further twist in that it lets its ~3 million users easily invest (commission-free) in precious metals (like gold) or in any established stock they fancy — in addition to encouraging individuals to hop aboard the crypto rollercoaster, which was its first focus. (The minimum investment amount set by the platform is €1.)

Despite diversification beyond crypto, a spokeswoman confirmed to us that crypto trading remains “the preferred choice” for Bitpanda’s current users, noting the Stocks trading product is still in beta. “With Bitpanda Stocks, we introduced a new way of investing in stocks and ETFs; it enables investing 24/7, any time, day or night. This is still in a beta phase, we’re adding constantly new assets. That said, stock trading is slowly picking up and increasing its share in overall trading,” she added.

More recently (in June) Bitpanda expanded into the B2B market — with a white label platform offering that lets other fintechs and banks offer trading to their own clients.

This combination of products and regional focus has helped the platform pile on new users in short order: Bitpanda says it’s “on track” to achieve 6x customer growth year over year, with revenues projected to increase sevenfold in 2021 versus the previous year.

The Series C funding will be used for international expansion and growth, per a press release, as well as going on further beefing up headcount (500+ strong at this stage), as well as on gearing up for further scaling of the business.

Commenting in a statement, Eric Demuth, co-founder and CEO, said:

“We started Bitpanda in 2014 with a clear vision: To bring investing closer to everyone, everywhere. We wouldn’t be here today without the efforts of our talented team members who are constantly “rolling up their sleeves” to make things happen. We’re grateful to share our journey with these incredible people — and that’s why a key area of focus for us is to keep strengthening our team by bringing onboard world-class talent. We’re also grateful for the vote of confidence received from our investors, old and new, in this investment round. We look forward to working together as we shape the future of finance and grow Bitpanda into the No. 1 investment platform in Europe and beyond.”

Bitpanda’s spokeswoman also told TechCrunch that international expansion and growth are “key priorities,” adding: “We’ll keep building the team, opening new offices, and launching new products as we design for scale and optimize for growth. This also means strengthening Bitpanda’s position in existing markets — such as in the DACH region, Spain, France, Italy, and Poland, and also enter new markets, such as the U.K. or the markets in Central and Eastern Europe.”

Andrew McCormack, founding partner of Valar Ventures, said the significant number of users acquired by the startup in short while is sign of larger future growth.

“We believed in Bitpanda’s potential from the beginning and we are impressed by the results that Eric, Paul, Christian and the Bitpanda team have achieved. With more than 1.2 million users acquired in the first half of 2021, impressive net revenue growth and world-class executive hires, Bitpanda stands as the living proof that hypergrowth can be achieved in a sustainable way. We’re excited to further work together to bring the world of investing [to] the fingertips of everyone, anywhere,” he said.

Good People, join me to thank  Adekunle Babasola for supporting young people to attend Tekedia Institute programs. Mr. Babasola, we thank you for your generosity and kindness. As you sojourn in markets, win more domains and territories. Thank you for funding the future. Thank you.

Good People, I am updating my topic for Aug 21 Tekedia Live from “8 Options On The Most Important Decision in Business” to “Structuring Tech Companies To Stay in Compliance and Mitigate Regulatory Risks in Nigeria”.  This is how we roll in Tekedia Mini-MBA; we adjust schedules to accommodate current events where possible.

The technical freeze on the six investment startups in Nigeria is a reminder that a playbook cannot be deemed “ready”  until the core regulatory risks are well within managed zones. In this session, I will share what we do in Tekedia Capital, and how we work to make sure our startups are in compliance.

The fact is this: we build risk mitigation and compliance into the architecture of the firm, making it possible that even if there is a regulatory somersault or perturbation, we can recalibrate within hours, and still serve customers, even when necessary working outside the jurisdictional ordinance.

Remember rule #1: do not operate with fear,  operate with knowledge and stay compliant. 

Sat, Aug 21 | 7pm WAT | Structuring Tech Companies To Stay in Compliance and Mitigate Regulatory Risks in Nigeria – Dr. Ndubuisi Ekekwe

See you in class.

Comment on LinkedIn Feed

Ndubuisi Ekekwe very necessary sir, personally I’m beginning to feel that the fourth matrix for innovation (after user needs, available technology and business value) is regulatory direction. Let’s face it, if companies like Gokada, Bamboo, Chaka, Patricia and the likes that were solving huge problems for users, building and making the most of available technology and creating value for their respective businesses could have their whole models upturned by one letter, it goes to show you that the fourth matrix for innovation needs to be a strong regulatory focus.

It’s kind of getting clear now why companies like Google and Facebook hire policy roles when they enter new climes, and why they’re exceptionally focussed on the nitty gritty of regulation and policy direction to avoid trouble.

Dangote and the likes don’t have a problem, their businesses are within proper regulatory terrain. Our generations technology companies must find ways to follow suit (or at least have fail proof backup plans).

McPherson University Champions,  welcome again to Tekedia Institute. Very excited to host all of you here. Please the Zoom link is now in the Board. I hope to meet all on Saturday to discuss innovation, business growth and the wealth in nations. It is always transformational – and I am confident that you will see a hopeful, promising and abundant future, out of your capabilities and the promises of tomorrow. 

Yes, the future is full of abundance, and innovation will fix frictions which are challenges nations, communities and firms are facing. Those who have the capabilities to fix those challenges win the trophies. Yes, they become champions across domains in academic, business, political and other human endeavors. Everyone is invited on that mission because we are agents to make the world a better place.

Saturday, Aug 21, 2021 at 5pm WAT.

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