Spiko Raises $90M Series B at $800M Valuation
Europe’s largest tokenized cash management startup Spiko just closed a $90M Series B at an $800M valuation.
Spiko, the French digital asset management startup, just closed the Series B round led by New Enterprise Associates (NEA) with Index Ventures and others in participation.
The round comes on the back of strong traction from a distinctly EUR-first go-to-market strategy.
There are now close to 100 tokenized money-market and cash products globally, but the market remains overwhelmingly USD-denominated.
Spiko has emerged as the clear leader in EUR-denominated digital cash management.
Its EUR MMF product EUTBL, managed by Twenty First Capital, sits at €600m. Its traction demonstrate a demand and supply imbalance for yield in the SME category in the currencies outside the USD.
Even more interestingly, Spiko’s biggest product is NOT actually a money market fund. Is biggest product €1.36bn Spiko Smart Cash EUR, a UCITS fund managed by Amundi, is NOT a money market fund product.
It is one share class of a new standalone UCITS sub-fund called the Spiko Amundi Overnight Swap Fund (SAFO). SAFO itself is a sub-fund of the French SPIKO SICAV, with Amundi acting as delegated portfolio manager.
The fund holds a portfolio of large-cap equities with CACEIS as depositary, while entering into a total return swap with BNP Paribas. Economically, the fund transfers the equity return to BNP Paribas and receives an overnight cash benchmark plus a spread in exchange.
While USD tokenized MMF product dominate the cash management conversation, Spiko is demonstrating that the non-USD opportunity may be significantly underserved.
For asset managers entering the tokenization race, it is important to decide if the focus should be building the 100th USD tokenized Treasury product or choosing a different but potentially more profitable path.
If you are building in the space and want to understand how to think about this strategic decision, do get in touch.
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