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- Bitpanda once again achieved profitability in Financial Year ‘23 with a net revenue of € 147.6 million and earnings before tax of € 13.6 million
- Revenues for Q1 FY ‘24 were reported at over €100 million and are expected to further increase compared to 2023 to deliver significant profitability
- After investing in both its product and efficiency throughout Financial Year ‘22 and Financial Year ‘23, Europe’s leading crypto company is now demonstrating both scalability and a constant cost base
- Increasing market share across Europe for the Broker (B2C) and further expansion of the platform’s B2B infrastructure offering via Bitpanda Technology Solutions helped to secure the results
Vienna, 16 May 2024 Bitpanda, Europe’s leading crypto company, has reported one of its most significant quarters of growth to date, with revenue for Q1 FY ‘24 exceeding €100 million.
Throughout 2022 and 2023, Bitpanda announced a series of milestones driven by an ambitious new strategy. This included the launch of several new products on its broker platform, the addition of several new licenses with major regulators such as BaFin, a relaunch of its B2B-focused whitelabel solution (Bitpanda Technology Solutions), and several industry-leading partnerships with well-known institutions such as Visa, N26, LBBW, and Raiffeisen. The combined results have cemented Bitpanda’s position as the market-leading European crypto company and laid strong foundations for further sustainable growth in the years to come.
Eric Demuth, CEO and founder of Bitpanda: “Today, Bitpanda is more cost-efficient than it has ever been and has the best possible setup to scale further. What we have built since 2022 is starting to bear fruit. We have built an infrastructure that can deliver results regardless of market sentiment at a constant cost base. We can withstand long bear markets and scale significantly with high profit margins in bull markets. Bitpanda is in the best shape we have ever seen, and 2024 could be the most profitable year in Bitpanda’s decade-long history.”
“Growing top-line was driven by an increase of revenues through continued diversification of our product and service offering as well as through markedly increasing our market share. Additionally, a further expansion of our B2B infrastructure offering via Bitpanda Technology Solutions helped strengthen our leading position in the digital asset industry.”
Bitpanda, which first reported profitability in 2016, just two years after it was founded, has always made financially sustainable growth a priority. Facing challenging market conditions in 2022, Bitpanda’s leadership took measures to significantly increase efficiency and cut costs as well as launching several new products and services for both the B2C and the B2B side of the business. In just a single year, Bitpanda returned to profitability in FY ‘23, with revenues growing to €147.6 million and Earning Before Tax reported as €13.6 million.
Jonas Larsen, CFO at Bitpanda: “Coming out of a challenging 2022 we worked hard on installing needed measures for the rapid return to profitability we achieved in 2023. Operational excellence and scalability initiatives and strict cost management combined with smart spending were major drivers along a steadily growing top line to ensure a significantly increased financial performance. I am confident in saying that 2024 has a great opportunity to be our best-performing year in the company’s history”
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About Bitpanda
Bitpanda was founded in Vienna in 2014 and is one of Europe’s leading crypto brokers. With a selection of over 2,800 digital assets, including more than 400 crypto assets and numerous stocks*, ETFs*, precious metals and commodities, the Austrian fintech unicorn offers one of the most comprehensive ranges of digital assets available in Europe. Already trusted by over 4.5 million users, and dozens of institutional partners, Bitpanda holds licences in several countries, and has a proven track record of working with local regulators to keep assets safe and secure. This makes Bitpanda one of the safest and most strictly regulated trading platforms in the industry. In addition to its headquarters in Vienna, Bitpanda has offices in Amsterdam, Barcelona, Berlin and Bucharest.
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