Spiko Raises $90 Million to Expand Blockchain Cash Management Services

Spiko, a fintech company with offices in London and Paris, has secured $90 million in Series B funding to fuel its expansion. The round was led by New Enterprise Associates, with participation from Index Ventures, Bpifrance, Speedinvest, Wintermute Ventures, and several angel investors, including former Bundesbank President Axel Weber. This brings Spiko's total funding to $120 million, which will be used to develop new products, hire more staff, and enter additional markets.

Spiko specializes in helping businesses manage excess cash by directing it into blockchain-based funds. Its regulated cash funds are accessible through a website and mobile app, and financial companies can integrate them via an API. The funds operate on multiple public blockchains, enabling seamless transactions with stablecoins and smart contracts. Companies can pre-set conditions for transferring excess cash while maintaining access to funds needed for operations like payroll.

The company reports that its funds, denominated in euros, dollars, pounds sterling, and Swiss francs, hold $2.7 billion in assets under management. Over 10,000 businesses and individuals across more than 25 jurisdictions use these funds. Spiko claims its scale in tokenized cash funds surpasses that of BlackRock and Franklin Templeton, though this comparison is limited to tokenized cash funds.

Following the funding round, Spiko plans to establish local teams in Germany, Italy, Spain, the Netherlands, and the Nordic countries. The company aims to expand its distribution network to make its existing funds more widely available.