A company that has tripled in value to $ 4 billion in 5 months

Bitpanda, a European cryptocurrency exchange, raised $ 263 million in a new funding round valued at nearly $ 4.1 billion.

This amount is more than 3 times the value of Bitpanda’s $ 1.2 billion in its last private funding round five months ago. The latest round also brings the amount of funds raised by Bitpanda to nearly $ 500 million.

The round table was led by venture capital firm Valar Ventures, co-founded by US tech billionaire Peter Thiel, which is participating in a Bitpanda round table for the third time.

For his part, Eric Demuth, CEO and co-founder of Bitpanda, said, “I don’t like to raise funds because it takes a very long time,” according to CNBC, which was seen by Al Arabiya.net.

“When you have partners in close contact with them and they have significant fundraising capacities, you don’t need to go through a full roadshow,” he added. “Valar wanted to overtake and we wanted to stay with them,” he added.

British billionaire hedge fund manager Alan Howard and REDO Ventures also invested in Bitpanda’s latest round, alongside existing investors LeadBlock Partners and Jump Capital.

What is Bitpanda?

Founded in 2014, Bitpanda is a Vienna-based brokerage that allows people to buy and sell cryptocurrencies and precious metals. The company also began testing a service this year that allows users to trade stocks around the clock.

Demuth said the startup has been profitable for the past five years.

Profitability is a rarity in FinTech companies, with many startups registering huge losses.

Although Bitpanda did not provide a breakdown of how much revenue it generates each year, it said revenue is set to be multiplied by 7 in 2021. The platform now has more than 3 million dollars. ‘users.

The company operates only in Europe, with offices in Vienna, Berlin, London, Paris, Barcelona, ​​Milan and Krakow. He plans to use the funds to expand into key markets such as France, Spain, Italy and Portugal.