Spiko, a fintech company focusing on European cash management through tokenisation, has secured $22m in Series A funding.
The funding round was led by Index Ventures, with additional support from White Star Capital, Frst, Rerail, Blockwall, and Bpifrance’s Digital Venture Fund. The round also received backing from angels such as Revolut co-founder Nikolay Storonsky and Kyriba founder Jean-Luc Robert.
Index Ventures partner Julia Andre said: “Spiko is going after a vast opportunity in treasury management and leveraging their tokenised fund infrastructure to unlock new pools of liquidity through innovative distribution. Their initial product resonates strongly with customers in Europe, and we’re excited about their vision to tap into huge distribution channels with an expansive product offering over time.”
Spiko has reported over $400m in assets under management (AUM) within its first year, processing more than $900m in working capital from over 1,000 businesses.
The company aims to exceed $1bn in AUM by the end of the year. The firm has partnered with Fygr and Memo Bank to extend its services to their clients.
Spiko’s platform leverages blockchain technology to provide daily interest through money market funds while maintaining liquidity. This innovation is said to allow businesses often overlooked by traditional banks to benefit from secure and efficient cash management.
Co-founders Paul-Adrien Hyppolite and Antoine Michon bring expertise from their previous roles in the French Government to drive the company’s growth.
Hyppolite said: “In Europe, there’s a mistaken belief that your money won’t earn interest unless you lock it away or take on risk. But as long as central bank rates are above zero, sitting on idle cash means European businesses are missing out on returns that US competitors routinely receive.
“With Spiko, we’re changing the game by making it easy for anyone to put their cash to work.”
Utilising tokenisation, Spiko acts as a transfer agent on a blockchain ledger, reducing costs and enabling 24/7 global cash-equivalent transfers. The firm’s primary funds consist of Treasury Bills from major Eurozone governments or the US Treasury, known for being low-risk due to sovereign guarantees.
The new funding will be used to enhance Spiko’s market strategy by investing in sales, marketing, product development, and forming new partnerships. Originating in France, Spiko is now expanding across Europe to offer transparent and user-friendly solutions facilitated by tokenisation.
