Kaiko Raises $110 Million as Wall Street Backs Crypto Data Infrastructure

Kaiko, a New York-based crypto market data startup founded in France in 2014, has raised $110 million in a strategic funding round led by S&P Global, extending its Series B to $110 million total. The round included BNP Paribas, Bpifrance, Broadridge, Canton Foundation, Coinbase Ventures, DRW Venture Capital, Nasdaq Ventures, Royal Bank of Canada, Stellar, and Susquehanna Private Equity Investments, alongside existing investors Anthemis, Point Nine, and Revaia.

Kaiko provides market data, analytics, indices, and infrastructure covering more than 150 exchanges and crypto protocols, and is expanding from institutional-grade digital asset data into the data systems needed for tokenized traditional assets, such as Treasury bills, money market funds, equities, and bonds represented on blockchain infrastructure. The company recently acquired Cometh, a regulated DeFi infrastructure provider, and Amberdata, described as its largest US competitor.

Why the investor list is the real story

A funding round is rarely more interesting for its backers than its dollar figure, but this one is an exception. Every institution in the round already sits somewhere inside the machinery of global finance, spanning pricing (S&P Global), settlement and custody-adjacent infrastructure (Broadridge, Nasdaq Ventures), trading (DRW, Susquehanna), and banking (BNP Paribas, Royal Bank of Canada). That composition signals something more structural than speculative interest in crypto: these are potential customers and infrastructure partners financing the data plumbing they may eventually depend on, alongside a new Strategic Industry Working Group that Kaiko will chair with participating institutions.

Acquisitions as a build-versus-buy signal

The Cometh and Amberdata acquisitions are worth reading alongside the funding round rather than as separate news. Buying Amberdata, described as its largest US competitor, consolidates Kaiko's position in institutional crypto data at a moment when large financial institutions are actively choosing which data provider to standardize on, and a single dominant vendor is generally an easier sell to a risk-averse bank or asset manager than a fragmented market of competing niche providers. Cometh's regulated DeFi infrastructure fills a different gap, giving Kaiko a compliant pathway into decentralized finance data just as its round's backers begin exploring tokenized versions of their own traditional products. Together, the two acquisitions read as Kaiko buying both its way to market dominance in its core category and its way into the adjacent category its new investors are asking it to serve.

What this means for founders

Kaiko's round is a useful signal for founders building infrastructure in any emerging asset class: the most credible funding round in a nascent category is often one where the investor list overlaps heavily with the eventual customer base, since it demonstrates commercial validation alongside capital. Founders building data, compliance, or settlement infrastructure for tokenized or blockchain-adjacent finance specifically should note which traditional financial institutions are already investing directly rather than just partnering, since that list is a reasonable proxy for who else in the category is worth approaching.

Fintech and crypto infrastructure investors can be filtered on the investor directory, and the free investor matching toolscores fit against infrastructure-layer businesses specifically. Background on how strategic and financial investors combine in a single round is in the glossary entry on syndicate structures. Currently live raises are on the live listings page, and broader fintech funding activity is tracked on the newsroom.

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