Original Coverage & Source Attribution: pulse2.com
Spiko has raised $90 million in Series B funding led by New Enterprise Associates to expand its tokenized cash fund platform, bringing total funding to $120 million. The round included participation from Index Ventures, Bpifrance, Speedinvest, Flourish Ventures, Shapers, White Star Capital, Blockwall, Frst, EQNX, Mirana Ventures and Wintermute Ventures.
Individual investors included former Bundesbank President Axel Weber and the founders of Qonto.
Spiko has accumulated approximately $2.7 billion in assets under management across regulated cash funds in four currencies and multiple public blockchains.
AUM has increased more than fivefold during the past 12 months.
More than 10,000 businesses and individuals across more than 25 jurisdictions now use Spiko either directly or through financial platforms that embed its funds.
The company describes itself as the world’s largest issuer of tokenized cash funds.
Spiko is attempting to make money market fund yields more broadly accessible to businesses and individuals while adapting treasury products to operate continuously rather than solely around traditional market and banking hours.
Its products are available in euros, dollars, sterling and Swiss francs.
Customers include startups, growth companies, research organizations, public institutions, venture capital firms and medical practices.
Businesses can access Spiko through desktop and mobile applications, while financial platforms can embed the funds through an API.
Spiko issues its funds onchain, allowing the products to interact with blockchain-based payment systems, stablecoins and smart contracts.
The company is also developing automated treasury capabilities that can maintain specified operating cash balances, sweep excess money into liquid funds and allocate longer-duration cash according to rules established by a customer.
Spiko operates from hubs in London and Paris and is developing teams across Germany, Italy, Spain, the Netherlands and the Nordic region.
The Series B will support the launch of additional funds, expansion into new markets and hiring.
KEY QUOTES:
“Every person and every organization holds cash, yet whether it earns anything still depends on who you are and how much you have. Yield should be universal. Our ambition is to make all cash earn by default, around the clock.”
Paul-Adrien Hyppolite, Co-Founder and CEO of Spiko
“We looked at dozens of companies solving pieces of this problem. We believe Spiko is the only one that’s solved the regulatory piece and the product piece at the same time. Paul-Adrien and Antoine are building the default home for cash. Money market funds are where trust is earned, and the same model extends naturally to new markets and new products.”
Philip Chopin, Managing Director and Head of Europe at NEA
