Spiko has raised $90 million in a Series B led by New Enterprise Associates (NEA), funding an expansion of its regulated tokenized cash-fund business into additional European markets. The October 6 financing takes the company’s total funding to $120 million, according to Spiko’s announcement.
The company said it will use the capital to launch new cash funds, enter further markets and build local teams in Germany, Italy, Spain, the Netherlands and the Nordic countries. The raise comes as Spiko reports $2.7 billion in assets under management across funds in four currencies.
NEA leads $90M round as Spiko reaches $120M in total funding
NEA led the Series B, which also included Index Ventures, Bpifrance, Speedinvest, Flourish Ventures, Shapers, White Star Capital, Blockwall, Frst, EQNX, Mirana Ventures and Wintermute Ventures. Angel backers included Axel Weber and Qonto’s founders.
Spiko’s disclosed use of proceeds puts the emphasis on operational expansion rather than a single product rollout. The company is planning both additional funds and country-level hiring, an approach that would require it to establish local commercial capacity across five European market groups.
NEA said it led the round as Spiko seeks to make yield more widely accessible through its cash-fund platform. The financing is a substantial increase in the company’s disclosed capital base, lifting cumulative funding to $120 million.
$2.7B AUM gives the expansion push a measurable base
Spiko reported $2.7 billion in assets under management in regulated tokenized cash funds denominated in euros, US dollars, sterling and Swiss francs. That figure represents more than fivefold growth over the preceding 12 months, according to the company’s press release.
The reported AUM and growth figures are company disclosures, rather than independently audited figures presented with the financing announcement. Still, they give a measure of the operating base behind the new funding round: Spiko is already running funds across four major currency denominations while pursuing new markets.
More than 10,000 businesses and individuals across over 25 jurisdictions use Spiko’s funds, either directly or through financial platforms that embed the products via the company’s API, The Block reported. Platform distribution is particularly relevant to the expansion strategy because it extends access to the funds beyond Spiko’s direct customer channel.
Official NEA visual accompanying its announcement of leading Spiko’s $90 million Series B. — Source: New Enterprise Associates
UCITS structure and in-house fund infrastructure underpin Spiko’s model
Spiko’s funds are issued on public blockchains but structured as regulated UCITS products. The combination places its offering within a European fund framework while using blockchain-based issuance for the tokenized form of the funds.
The company also operates the registry, transfer-agent and net asset value, or NAV, infrastructure for the funds, according to NEA’s account of its investment. Those functions are central to fund administration and indicate that Spiko’s expansion involves more than distributing tokens; it is scaling the underlying operational systems used to run the products.
NEA separately described Spiko as having roughly $2.7 billion in AUM and more than 10,000 customers, broadly matching the operating metrics disclosed around the raise. Neither announcement detailed which new cash funds Spiko intends to introduce or a timetable for their launches.
New funds and local teams target five European market groups
Germany, Italy, Spain, the Netherlands and the Nordic countries are the markets named for local hiring. The geographic list suggests Spiko is pairing product expansion with personnel on the ground, rather than treating Europe as one undifferentiated distribution market.
Its existing customer reach across more than 25 jurisdictions offers a broader starting footprint, while the API model gives financial platforms a route to embed the funds for their own users. Whether that distribution base translates into growth in the newly named markets will depend on execution of the local-team and new-fund plans outlined with the Series B.
For now, the clearest immediate milestones are the deployment of the $90 million, the addition of new cash funds and the buildout of teams in the five targeted European market groups. Spiko will be expanding a model that combines public-blockchain issuance with UCITS fund structures and internally operated registry, transfer-agent and NAV infrastructure.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Source: Crypto Daily