Spiko Raises $90M Series B to Make Yield Universally Accessible

QUICK TAKE

• Spiko is a tokenized cash fund that lets any business or individual earn a yield on cash holdings without sacrificing liquidity.
• In just over two years since launch, the company is already the world's largest issuer of tokenized cash funds.
• Spiko manages more than $2.7 billion for more than 10,000 businesses and individuals in over 25 jurisdictions, either directly or through financial platforms that embed its funds.
• The new $90 million Series B, supported by Index Ventures, brings Spiko’s total funding to $120 million and follows its $22 million Series A, which was led by Index.
• Prominent angels include Nik Storonski of Revolut, the founders of Qonto, and Axel Weber, former president of the Bundesbank.

THE DETAILS

Spiko launched with a singular belief that any business or individual should be able to earn a yield on cash holdings without sacrificing liquidity – and that the key to unlocking this was building Europe’s first-ever tokenized money market funds.

Today, just over two years since launch, Spiko is the world’s largest issuer of tokenized cash funds, managing over $2.7 billion for more than 10,000 businesses and individuals across more than 25 jurisdictions.

Following this traction, Spiko has raised $90 million in Series B funding to accelerate growth and fulfill its mission to make yield earnings universally accessible to businesses and individuals.

SUPPORTING GROWTH

Spiko’s success comes at a critical time for businesses that need to establish new avenues for growth. Spiko helps by ensuring companies and individuals earn yield on their cash and deposits, which currently amount to around $50 trillion in Europe and the United States, most of which earns little or nothing.

With central bank rates between 2.5% in the eurozone and close to 4% in the United States, every percentage point of yield on this $50 trillion is worth $500 billion a year. But while banks and large institutions earn that yield each day through the wholesale financial system, the entrepreneurs, small businesses, nonprofits, and smaller financial institutions who own the money see almost none of it.

Spiko was founded to make access to yield earnings universal. “Every person and every organization holds cash, yet whether it earns anything still depends on who you are and how much you have,” explains Paul-Adrien Hyppolite, Spiko’s CEO and co-founder. “Yield should be universal. Our ambition is to make all cash earn by default, around the clock.”

Spiko offers a range of regulated cash funds designed by the company, from sub-daily liquidity to term products, all with transparent fees. Businesses can access the funds direct through the mobile and desktop app, while any company or financial platform can also embed them in its own products via an API.

SOLVING LIQUIDITY

One of the biggest reasons so many companies have cash holdings earning little to no yield is the need for liquidity. Most funds that offer interest do not allow money to be withdrawn 24/7. For a startup that may need to make an important same-day payment, a fintech that must maintain liquidity for users overnight and on weekends, or a stablecoin issuer that needs to hold billions in reserves around the clock, cash becomes the only option.

By building its funds on-chain, Spiko bridges this gap, offering instant, 24/7 withdrawals from its funds. Soon, yield will accrue continuously, every hour of every day.

Adding an extra layer of programmability and security, Spiko also lets companies automate their entire treasury. A finance team sets its own rules, such as, ‘keep enough in the operating account for payroll and supplier payments, sweep everything above that into a fund it can draw on around the clock, and place cash it won’t need for a quarter into a fixed-term fund at a higher rate’ – and Spiko executes that program day and night, while the company’s TMS, or an AI agent acting on its behalf, can adjust it through the API.

Spiko clients range from start-ups and scale-ups to research institutes, public institutions, VC funds and medical practices, across euro, dollar, sterling, and Swiss franc. The company has experienced more than fivefold AUM growth over the past 12 months.

The $90 million Series B round was led by New Enterprise Associates (NEA), with support from Index Ventures, Speedinvest, White Star Capital, and prominent angels including the founders of Qonto and Axel Weber, former president of the Bundesbank.