Digital asset platform Bitpanda announced a round of venture funding today. The $52 million Series A round marks the largest Series A round in Europe so far this year.
The round was led by Valar Ventures, a VC firm backed by Peter Thiel. Today’s investment, combined with Bitpanda’s $51 million ICO last year and undisclosed venture round last year, brings its total funding to over $103 million.
As part of the agreement, Andrew McCormack and James Fitzgerald from Valar Ventures will join Bitpanda’s board. “With their extensive track record in growing digital champions like PayPal in its early years and supporting Peter Thiel during its IPO and eventual sale to eBay in 2002, we are more than confident in the choice,” Bitpanda CEO and Co-founder Eric Demuth said.
The company will use the funds to promote geographical expansion. Specifically, after its successful launches in France, Spain, and Turkey this year, Bitpanda plans to expand to more European countries before year-end.
The investment will also be used to “bring the Bitpanda platform and all our services to a new level.” The company has already slated new products for launch, including a new stock trading tool which will launch in 2021.
Much of Bitpanda’s focus is on financial empowerment and the democratization of investment. “Bitpanda will become an investment platform for asset classes for everyone,” Demuth said. “We will provide education, empower our users to take their future into their own hands and remove all those barriers that prevent people from taking part.”
Founded in 2014, Bitpanda has seen significant growth this year, boosting its client base to more than 1.3 million. Additionally, the company has brought on more than 70 new employees this year and plans to boost its total workforce to more than 300 by the end of this year.