French tokenized money market fund (MMF) startup Spiko has raised a $22m funding round led by Index Ventures. Some of the angel backers include Revolut co-founder Nikolay Storonsky, Kyriba founder Jean-Luc Robert and Wise CTO Harsh Sinha. The company has made an impressive start, with almost $400m in assets under management (AUM) after less than a year.
This strong performance ranks it just outside the top five in tokenized money market funds. Fourth ranked WisdomTree has $489m AUM. With that type of traction, Spiko’s aim of achieving $1 billion in AUM by year’s end doesn’t look farfetched.
In some ways, Spiko is aiming at an open goal. There are numerous US tokenized money market funds, but many of their largest investors are stablecoin issuers that park billions. Spiko targets businesses with idle cash, both in crypto and mainstream sectors. While it’s relatively easy in the US to switch into money market funds, it’s a bit less common in Europe. Index Ventures highlighted that in Europe there is €25 trillion in idle cash deposits.
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