Spiko Raises $90 Million Series B Led by NEA to Make Idle Business Cash Earn Yield

Most companies hold cash that earns little or nothing, because the products that pay a return on cash have been built for big institutions. Spiko wants to give every business the same access, and investors just backed that bet with $90 million.

Spiko, an issuer of tokenised cash funds, raised a $90 million Series B led by New Enterprise Associates. Index Ventures, Bpifrance, Speedinvest, Flourish Ventures, Shapers, White Star Capital, Blockwall, Frst, EQNX, Mirana Ventures and Wintermute Ventures joined, along with angel investors including former Bundesbank president Axel Weber and the founders of Qonto. The round brings total funding to $120 million.

What Spiko Does

Spiko builds its own regulated cash funds, from intraday liquidity products to term offerings, available in euros, dollars, sterling and Swiss francs. Businesses can use them through desktop and mobile apps, while other companies and financial platforms can plug them into their own services through an API. Because the funds are issued onchain, the company says it has overtaken BlackRock and Franklin Templeton to become the largest tokenised cash fund issuer. Its client base includes startups, scale-ups, research institutes, public bodies, VC funds and medical practices.

The Numbers the Company Reports

Spiko says it manages $2.7 billion in assets across four currencies and several public blockchains, and that assets under management have grown more than fivefold in a year. More than 10,000 businesses and individuals in over 25 jurisdictions use its services. The company points to roughly $50 trillion held in cash and deposits across Europe and the US, much of it earning little. These figures come from the company and have not been independently verified.

Where the Money Goes

The new capital will go toward launching more funds, expanding into new markets and hiring. Alongside its London and Paris hubs, Spiko is building local teams in Germany, Italy, Spain, the Netherlands and the Nordics. NEA's head of Europe said Spiko is the only company he saw that had solved both the regulatory and the product piece of the problem.

What This Means for Founders

For fintech founders, Spiko shows how much regulation can act as a moat. Investors backed a company that did the slow work of getting its funds approved, and that is hard for a competitor to copy quickly. The round also drew a mix of large U.S. and European funds, plus experienced operators as angels, which can help a company win credibility with regulators and customers. If you are heading toward a Series B, expect investors to ask how much of your growth came from partners and integrations, and be ready to show a clear ARR trend alongside your regulatory progress.

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