Spiko, a provider of tokenised cash funds, has raised $90
million in a Series B funding round led by New Enterprise Associates (NEA),
bringing its total funding to $120 million. The round also included
participation from Index Ventures, Speedinvest and White Star Capital,
alongside angel investors including the founders of Qonto and Axel Weber,
former president of the Bundesbank.
Spiko was founded to broaden access to yield on cash.
Europe and the United States hold around $50 trillion in cash and deposits,
much of which earns little or no return. While banks and large institutions can
access the wholesale financial system to generate yield on their cash, smaller
businesses, entrepreneurs, nonprofits, and financial institutions often have
more limited access to similar opportunities.
Every person and every organisation holds cash, yet
whether it earns anything still depends on who you are and how much you have.
Yield should be universal. Our ambition is to make all cash earn by default,
around the clock,
said Paul-Adrien Hyppolite, co-founder and CEO of Spiko.
The company develops its own range of regulated cash funds,
from products offering sub-daily liquidity to fixed-term options. Businesses
can access them through Spiko’s desktop and mobile app, while companies and
financial platforms can integrate the products into their own services through
an API.
Its clients include startups, scaleups, research
institutes, public institutions, venture capital funds and medical practices,
with products available across the euro, US dollar, sterling and Swiss franc.
Spiko is also developing its products around the growing
need for cash to move continuously through software, rather than being
constrained by traditional market, payment and accounting hours. Its funds
currently offer instant withdrawals, with the company planning to introduce
yield that accrues continuously.
The funds are issued onchain, allowing them to operate on
the same infrastructure as stablecoins and smart contracts. Spiko says it has
become the world’s largest issuer of tokenised cash funds, ahead of BlackRock
and Franklin Templeton.
This infrastructure is designed to make cash programmable
and automate treasury management. Companies can set rules determining how much
cash remains in operating accounts for expenses such as payroll and supplier
payments, automatically move excess funds into liquid products, and allocate
cash that is not immediately needed to fixed-term funds. These rules can also
be adjusted through Spiko’s API by treasury management systems or AI agents.
Spiko will use the new funding to launch additional funds,
enter new markets and expand its team. The company operates from hubs in Paris
and London and is building local teams across Europe, including in Germany,
Italy, Spain, the Netherlands and the Nordics.