Spiko Raises $90 Million as Tokenized Assets Grow to $2.7 Billion
Spiko raised $90 million in a Series B funding round led by New Enterprise Associates, bringing its tokenized cash fund assets to $2.7 billion.
Spiko, a company specializing in tokenized cash funds, raised $90 million in a Series B round led by New Enterprise Associates, bringing its total funding to $120 million, according to The Next Web.
The company issues regulated tokenized cash funds in four currencies: the euro, US dollar, British pound, and Swiss franc, which are major currencies in global financial markets, allowing investors to hold cash balances in a tradable digital format.
The company stated that its assets under management reached $2.7 billion, a more than fivefold increase over twelve months, with participation from investors including Index Ventures, Bpifrance, and Speedinvest, a rapid growth reflecting an increasing demand for this type of fund.
Spiko will use the funds to launch new funds and set up local teams in Germany, Italy, Spain, the Netherlands, and Scandinavia. Its angel investors include Axel Weber, former president of the German Central Bank.
What do these terms mean?
Tokenized cash funds: Funds that hold traditional cash assets against which tradable digital tokens are issued.
Series B: A relatively late funding round following Seed and Series A rounds, typically used for market expansion.
Angel investor: A wealthy individual who invests personal funds in startups in exchange for equity or shares.
Weekly Newsletter
Read between the lines before everyone else. Decode the most important economic, tech, and decision-maker movements in the region.. in 5 minutes every Saturday.
