Spiko, an issuer of tokenized cash funds, has raised a $90 million Series B led by New Enterprise Associates (NEA), bringing its total funding to $120 million as it prepares to launch additional funds and enter new European markets.
As reported by Tech.eu, Index Ventures, Speedinvest and White Star Capital also participated, alongside angel investors including the founders of Qonto and Axel Weber, the former president of the Bundesbank. Fintech Futures, citing Bloomberg, reported that the round values Spiko at $800 million. That valuation was not confirmed by the company.
Spiko offers tokenized cash funds in euros, US dollars, sterling and Swiss francs, with liquidity ranging from sub-daily to fixed-term. Customers use desktop and mobile apps or connect through an API. Its clients include startups, scaleups, research institutes, public institutions, venture funds and medical practices. The company says it is the world's largest issuer of tokenized cash funds, ahead of BlackRock and Franklin Templeton, and manages $2.7 billion in assets. Both figures are company-reported and have not been independently verified.
The proceeds will fund new funds, expansion into Germany, Italy, Spain, the Netherlands and the Nordic region, and a larger European team. Spiko is also developing continuous yield accrual, which would let balances earn around the clock.
"Yield should be universal," said co-founder and chief executive Paul-Adrien Hyppolite. "Our ambition is to make all cash earn by default, around the clock."
The round adds to a run of institutional-grade funding for tokenized cash and Treasury products. Unlike larger asset managers that have wrapped existing funds on-chain, Spiko is a specialist issuer aimed at treasurers of smaller organizations, a segment where programmable cash could prove an early use case.