It’s Moving Companies’ Idle Cash Onchain: Raises $90 Million!
Spiko, which enables companies to direct excess cash into funds traded on blockchain, raised $90 million to expand into new products and markets.
According to The Block, Spiko, based in London and Paris, completed a Series B funding round led by New Enterprise Associates. Index Ventures, Bpifrance, Speedinvest and Wintermute Ventures participated in the round, along with angel investors including former Bundesbank President Axel Weber.
With the latest investment, the company’s total funding to date has reached $120 million. The new capital is planned to be used to expand its range of funds, grow its team and enter new markets.
It can automatically direct excess cash into funds
Spiko offers its own regulated cash funds through its website and mobile app. Financial companies can also add these funds to their own products through an API connection.
Tokenizing the funds on multiple public blockchains allows them to operate on the same infrastructure as stablecoins and smart contracts. Under the model described by the company, businesses can set in advance the conditions under which excess cash is transferred into funds, while retaining access to the money they need for payroll and other payments.
Assets under management reach $2.7 billion
According to Spiko, its funds denominated in euros, dollars, pounds sterling and Swiss francs hold $2.7 billion in assets. More than 10,000 businesses and individuals across over 25 jurisdictions use these funds.
The company says, citing data from RWA.xyz, that its scale in tokenized cash funds exceeds that of BlackRock and Franklin Templeton’s products in the same category. The comparison is limited to tokenized cash funds, not the total assets under management of those firms.
Following the new investment, the company aims to establish local teams in Germany, Italy, Spain, the Netherlands and the Nordic countries. Spiko intends to expand its distribution network to bring the use of its existing funds to more markets.