Customer Story
For Bitpanda, managing financial consolidation through Excel was a time-consuming, labor-intensive process that affected the efficiency of group reporting. Seeking a more intuitive solution, Bitpanda turned to Lucanet, revolutionizing their financial processes.
Based in Vienna, software company Bitpanda has developed a trading and investment platform mobile app which provides a cryptocurrency exchange, as well as commodities and securities trading.
The Lucanet implementation process was super easy, super-fast, and super constructive. Lucanet gave us the transparency and flexibility we needed.
Stefan Dankovsky
Director of Group Finance
One of the biggest challenges Bitpanda faced was relying solely on Excel for its consolidation and group reporting needs. It took far too long and required a lot of manual effort affecting both the CFO's office and its investors.
When it came to reporting to investors, Bitpanda needed a quick and easy way to share transparent financial data to its stakeholders. The company wanted something user-friendly that would also allow their team to work independently without relying on Excel. Additionally, they wanted a solution that would offer better connectivity and help reduce manual workloads.
Founded in 2014, Bitpanda began as a platform for trading cryptocurrencies. Over the years, the company has seen rapid growth steadily expanding their operations to include precious metals in 2019 and securities in 2021.
As the company's business diversified, they realized the need to improve reporting turnaround times enhancing transparency and communication through a robust disclosure management system. Lucanet Disclosure Management solution enabled Bitpanda to radically improve its data collection workflows and accelerated its reporting resulting in more time for its finance team to focus on strategic projects.
Integrating Lucanet with their existing ERP system was simple and caused no disruption to business. Bitpanda’s directors quickly grasped the business needs without needing to constantly check back with their teams. This has significantly reduced manual labor in the company’s processes.
Stefan Dankovsky, Director of Group Finance, couldn't be happier. He says, “The Lucanet implementation process was super easy, super-fast, and super constructive. Lucanet provided us with the transparency and flexibility we needed.”
With Lucanet, the company’s consolidation and reporting processes are not only much faster but also more accurate compared to using Excel sheets. Now, everything is streamlined into one system, giving Bitpanda a single source of financial truth.
Stefan also highlights that using Lucanet as an end-to-end process has greatly improved data integration for Bitpanda’s preview system. He’s impressed with how intuitive Lucanet’s solution is, how well it fits into the company’s IT architecture, and how seamlessly it integrates into their systems landscape.