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ZEC $1,326 Spiko raises $90M Series B as tokenized cash funds reach $2.7B
Spiko raised $90 million in a Series B led by New Enterprise Associates and now reports $2.7 billion in assets across its tokenized cash funds.
Key takeaways
- The raise is $90M. Spiko raised $90 million in a Series B led by New Enterprise Associates.
- Total funding hits $120M. The company said the round brings total funding to $120 million.
- Funds hold $2.7B. Spiko reports $2.7 billion in assets under management across funds in four currencies.
What happened
Spiko has raised $90 million in a Series B led by New Enterprise Associates. The company said the round brings total funding to $120 million. Spiko reported $2.7 billion in assets under management across its regulated tokenized cash funds, which it said have grown more than fivefold over the past 12 months.
Spiko will put the new capital into more products, market expansion and hiring across several European countries. It named Germany, Italy, Spain, the Netherlands and the Nordic countries for local teams. Its funds run on public blockchains and cover euros, dollars, sterling and Swiss francs.
NEA led the round. Other participants included Index Ventures, Bpifrance, Speedinvest, Flourish Ventures, Shapers, White Star Capital, Blockwall, Frst, EQNX, Mirana Ventures and Wintermute Ventures. Axel Weber, a former Bundesbank president, and the founders of Qonto joined as angel investors.
Why it matters
Spiko's funds are used by more than 10,000 businesses and individuals across over 25 jurisdictions, the company says. Customers can use Spiko's desktop and mobile apps, and banks, fintechs and other financial platforms can connect through an API.
Crypto Daily noted that the assets and growth figures come from company disclosures, not from independently audited figures released with the financing announcement. NEA separately said Spiko has roughly $2.7 billion in AUM and more than 10,000 customers, in line with the operating metrics released around the raise.
Spiko plans to spend the new capital on three areas: launching funds, entering markets and hiring staff.
What the data shows
The funds cover euros, US dollars, sterling and Swiss francs. According to the company's technical documentation, instant bank withdrawals are available for some euro-denominated products, with SEPA Instant transfers of up to €500,000 a day.
The company said its assets grew more than fivefold over the past 12 months. It reports more than 10,000 customers across over 25 jurisdictions.
Background
The service focuses on cash that companies do not need right away for payroll, suppliers and operating expenses, according to the funding announcement. Co-founder and CEO Paul-Adrien Hyppolite described the long-term goal as making cash generate yield "by default, around the clock."
The company is based in London and Paris. It plans to introduce continuous hourly yield accrual as it develops the platform.
What is still unclear
- Neither announcement detailed which new cash funds Spiko intends to introduce or a timetable for their launches.
- Continuous hourly yield accrual is not yet available across its funds.
- Current withdrawal options vary by product and currency.
Questions readers ask
How much did Spiko raise in its Series B?
Spiko raised $90 million in a Series B led by New Enterprise Associates, a round the company said lifts its total funding to $120 million.
How large are Spiko's tokenized cash funds?
Spiko reported $2.7 billion in assets under management across funds in four currencies. The company said the figure represents more than fivefold growth over the preceding 12 months.
What will Spiko do with the $90 million?
The company said it will launch new cash funds, enter further markets and build local teams in Germany, Italy, Spain, the Netherlands and the Nordic countries.
Who invested in Spiko's Series B?
New Enterprise Associates led the round. Index Ventures, Bpifrance, Speedinvest, Flourish Ventures, Shapers, White Star Capital, Blockwall, Frst, EQNX, Mirana Ventures and Wintermute Ventures also participated.
