Quick Take
- Spiko said more than 10,000 businesses and individuals across 25-plus jurisdictions use its funds, with the new capital going toward new products, markets, and hires.
Tokenized cash fund issuer Spiko announced on Tuesday that it raised $90 million in a Series B led by New Enterprise Associates.
Index Ventures, Bpifrance, Speedinvest, and Wintermute Ventures joined the round, alongside angels including former Bundesbank president Axel Weber, the London and Paris-based firm said in a statement. The round brings Spiko’s total funding to $120 million.
According to the statement, the company will use the new funding to launch new funds, enter additional markets, and expand its team, including local operations across Germany, Italy, Spain, the Netherlands, and the Nordics.
Spiko designs and distributes its own regulated cash funds, which customers can access through its web and mobile applications. Financial companies can also embed the funds into their products through Spiko's API.
The funds are tokenized and issued on multiple public blockchains, allowing them to operate on the same infrastructure used by stablecoins and smart contracts, per the statement. Spiko said that makes the cash programmable, allowing companies to set rules for moving excess operating cash into funds while keeping money available for payroll and other payments.
The company said it now has $2.7 billion in assets under management across funds denominated in euros, dollars, sterling, and Swiss francs. More than 10,000 businesses and individuals across more than 25 jurisdictions use its funds, it added.
Spiko said its tokenized cash-fund range is now larger than those of BlackRock and Franklin Templeton, citing data from RWA.xyz. The claim refers to the company's position among issuers of tokenized cash funds, rather than the firms' overall assets under management.
