A polymeric complex of copper(II) was isolated and purified from the self‐assembly of CuSO4 and 2‐phenyl acetate in aqueous medium. It was characterized through FT‐IR, UV/Vis, electron spin resonance, electrochemical solution studies, and powder and single crystal XRD techniques. The structure was revealed to consist of directly interconnected dimeric paddlewheel building units without any intervening ligand. This type of polymeric paddlewheel structures are found very rarely. Each copper is lying in a CuO5 square pyramid coordinated by four oxygen atoms in the square base while the axial oxygen belongs to the neighboring paddlewheel. Purity and uniform crystalline nature of the complex was assessed from matching theoretical and experimental powder XRD spectra. ESR spectrum consisted of a broad signal with g value = 2.2427, whereas electrochemical studies revealed diffusion controlled electron transfer processes with diffusion co‐efficient = 1.628 × 10–7 cm2·s–1. The results of spectroscopic techniques support each other. The complex afforded mixed binding mode with DNA yielding DNA‐binding constant values of 1.384 × 104 m–1 and 8.845 × 104 m–1 using absorption spectroscopy and cyclic voltammetry, respectively. The complex also exhibited significant activity against anti‐fungal strain Helminthosporium solani by inhibiting its 75 % ± 2.5 growth. The preliminary studies heralded excellent biological potential of the synthesized complex.