Spiko Secures $90 Million to Expand Tokenized Cash Funds Across Europe

Spiko, a fintech company specializing in tokenized cash funds, has raised $90 million in a Series B funding round led by New Enterprise Associates (NEA). This brings the company's total funding to $120 million. The capital injection comes as Spiko's assets under management (AUM) have surged to $2.7 billion, marking a more than fivefold increase over the past year. The company now serves over 10,000 businesses and individuals across 25 jurisdictions.

The new funds will be used to expand Spiko's product offerings and market presence, particularly in Europe. The company plans to establish local teams in Germany, Italy, Spain, the Netherlands, and the Nordic countries. Spiko's funds, which operate on public blockchains, cover euros, dollars, sterling, and Swiss francs. They are accessible through Spiko's applications and via APIs for financial platforms.

Spiko's tokenized funds are designed to automate company treasuries by issuing shares on public blockchains. This structure allows businesses to set automated treasury rules, directing excess cash into Spiko's funds. The company's products are regulated and authorized by France’s Autorité des Marchés Financiers (AMF). Spiko claims to be the world's largest issuer of tokenized cash funds, surpassing competitors like BlackRock and Franklin Templeton in this specific segment.

The company's growth has been bolstered by strategic partnerships, including a collaboration with Amundi. Together, they launched the Spiko Amundi Overnight Swap Fund (SAFO), which has attracted over $1 billion in assets and 6,500 users since its March launch. Spiko also integrated with Chainlink CCIP to enable cross-blockchain transfers of its fund shares, further enhancing its offerings.