NEA leads Spiko’s $90M Series B to expand access to cash yield

What happened

Spiko, a provider of tokenised (representing an asset as a tradable entry on a blockchain) cash funds, has raised $90million in a Series B (an early stage of company funding) funding round led by New Enterprise Associates (NEA),bringing its total funding to $120 million. Europe and the United States hold around $50 trillion in cash and deposits, much of which earns little or no return.

The round also included participation from Index Ventures, Speedinvest and White Star Capital, alongside angel investors including the founders of Qonto and Axel Weber, former president of the Bundesbank. Spiko was founded to broaden access to yield on cash. While banks and large institutions can access the wholesale financial system to generate yield on their cash, smaller businesses, entrepreneurs, nonprofits, and financial institutions often have more limited access to similar opportunities.