Spiko Raises $90M Series B Led by NEA for Tokenized Cash Funds
Spiko, a Paris and London-based company that issues tokenized cash funds, has secured $90 million in a Series B funding round led by New Enterprise Associates (NEA). The company now manages $2.7 billion, a significant jump from its previous total of $400 million just over a year ago.
The investment also includes participation from Index Ventures, Bpifrance, Speedinvest, Flourish Ventures, Shapers, White Star Capital, Blockwall, Frst, EQNX, Mirana Ventures, Wintermute Ventures, and notably, former Bundesbank president Axel Weber and the founders of Qonto.
What Spiko Offers:
Spiko designs regulated cash funds available in euros, dollars, sterling, and Swiss francs. Businesses access these funds through a desktop and mobile app, while other companies can integrate them into their own products via an API.
Paul-Adrien Hyppolite, Co-founder and CEO of Spiko, emphasizes the universal need for yield on cash: "Every person and every organization holds cash, yet whether it earns anything still depends on who you are and how much you have."
How It Works:
Spiko issues funds on a blockchain, utilizing smart contracts. This allows for customizable rules, such as setting aside funds for payroll and suppliers while investing the rest. Cash not needed for a quarter can be moved into fixed-term funds at higher rates.
"We believe Spiko is the only one that’s solved the regulatory piece and the product piece at the same time," stated Philip Chopin, Managing Director and Head of Europe at NEA**.
The Founders and Future:
Spiko was founded in 2023 by Hyppolite and Antoine Michon. Michon, a former technology advisor to the French government, previously led deployments at Palantir. The new funding will be allocated towards launching new funds, expanding into new markets, and growing the team, with local teams already being established in Germany, Italy, Spain, the Netherlands, and the Nordics.