London- and Paris-based tokenized cash startup Spiko raised a $90M Series B at an $800M valuation, taking its total funding to $120M, and hits ~$2.7B in AUM

The regulated tokenization of cash assets is becoming a mainstream alternative to traditional treasury accounts.

Spiko, a London and Paris-based fintech company specializing in tokenized cash funds, has secured $90 million in Series B funding, valuing the company at $800 million. This latest round, led by New Enterprise Associates (NEA) with participation from several other venture capital firms, brings Spiko's total funding to $120 million. The company, which currently manages approximately $2.7 billion in assets under management (AUM), plans to use the new capital to expand its fund offerings, enter new international markets, and grow its workforce. Spiko offers regulated tokenized cash funds accessible via desktop, mobile app, and API, providing users with around-the-clock yield on their cash deposits, instant withdrawals, and multi-currency options. They serve over 10,000 business and individual clients across more than 25 jurisdictions.

Spiko's substantial Series B raise at a significant valuation indicates strong investor confidence in the tokenization of cash and yield-generating products for businesses and individuals. This funding will likely accelerate the company's expansion into new markets and product development, potentially disrupting traditional cash management services offered by banks. The increasing AUM also signals a growing adoption of digital asset-based financial solutions by a diverse client base, from startups to institutions.

The continued growth and funding success of companies like Spiko suggest a broader market trend towards regulated digital assets for everyday financial needs. This impacts financial institutions by presenting a new class of competitor that offers enhanced accessibility and potentially better yields on cash. Investors should watch for further regulatory clarity and adoption rates, as this could pave the way for more traditional financial players to either partner with or compete against these innovative fintechs.