Crypto-broker BitPanda is now officially Australia’s first fintech unicorn after raising $170 million from a Series B round, reports reveal.
The funding was headed by Valar Ventures and is coming barely six months after the firm raised $52 million from its first funding. With the latest funding, BitPanda is now valued at $1.2 billion.
The funding round also featured partners from investment firm DST Global, founded by Yuri Milner. DST Global has also invested in other ventures, including in American-based crypto-friendly stock trading app Robinhood. Although this is the first time DST is investing in Bitpanda, the other company Valar was involved in the company’s first funding round last year
The growth recorded in several areas
After concluding its Series A funding, the crypto broker has gained in several areas, including in the area of profits. Its revenue in the first two months of the year has already surpassed its revenue for the whole of 2020. Besides, the company’s user base has grown to 2 million registered users from 1.3 million within the past six months.
BitPanda’s mobile and desktop app offer access to over 50 investment assets, including precious metals and cryptocurrencies.
The firm is also planning to a new asset class such as ETFs and stocks within the year. Additionally, it has started taking price orders for a new Visa card that will be combining all assets such as precious metals, fiat, as well as crypto assets.
Co-founder and chief executive officer of Bitpanda Eric Demuth commented on the development. He said in a short time, retail investors will have access to a wide range of investments. “We already have plans in place to bring our offer to several new markets,” he added.
More expansion on the horizon
Bitpanda has been expanding its operations to several countries in recent months. Presently, the firm has a presence in Poland, Italy, Turkey, Spain, as well as France.
Last December, the company set up a tech innovation hub in Krakov with hopes of doubling its workforce. Bitpanda revealed there are plans to add more tech hubs and offices in Berlin, Paris, London, Barcelona, and London.
Demuth said the company wants to expand globally and has put plans in place for such expansion. It also wants to expand its financial products and bring them close to new audiences.
In the future, Bitpanda hopes to introduce the trading of exchange-traded funds as well as fractional shares on its platform.
Bitpanda Hits $1.2 Billion Valuation After Raising $170 Million Funds