Spiko raises $90M Series B
Spiko, a provider of tokenised cash funds, has raised $90 million in a Series B funding round led by New Enterprise Associates (NEA). The round brings the company’s total funding to $120 million.
Other investors in the round include Index Ventures, Speedinvest and White Star Capital, alongside angel investors including the founders of Qonto and Axel Weber, former president of the Bundesbank.
Spiko was founded to broaden access to yield on cash. The company says Europe and the United States hold around $50 trillion in cash and deposits, much of which earns little or no return. It aims to make yield more widely accessible for smaller businesses, entrepreneurs, nonprofits and financial institutions.
The company develops regulated cash funds, ranging from products offering sub-daily liquidity to fixed-term options. Customers can access the products through Spiko’s desktop and mobile app, while businesses and financial platforms can integrate them through an API. Its clients include startups, scaleups, research institutes, public institutions, venture capital funds and medical practices, and its products are available across the euro, US dollar, sterling and Swiss franc.
Spiko says its funds are issued onchain, allowing them to operate on the same infrastructure as stablecoins and smart contracts. The company says it has become the world’s largest issuer of tokenised cash funds, ahead of BlackRock and Franklin Templeton.
The company operates from hubs in Paris and London and is building local teams across Europe, including in Germany, Italy, Spain, the Netherlands and the Nordics. The article does not specify the founders or the company’s founding year.
Spiko will use the new funding to launch additional funds, enter new markets and expand its team.
“Every person and every organisation 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,” said Paul-Adrien Hyppolite, co-founder and CEO of Spiko.
