Tokenized fund platform Spiko has raised $90 million in a Series B round led by New Enterprise Associates, bringing total funding to $120 million. The Paris-based firm now manages $2.7 billion across its range of tokenized funds, up from $1.2 billion when we last covered the company in March. It serves more than 10,000 clients in over 25 countries.
The growth story is really a product story. In March, Spiko had just launched the Spiko Amundi Overnight Swap Fund (SAFO), a tokenized total return swap fund offering higher yields than its existing Treasury bill products. Six months on, SAFO accounts for roughly two thirds of the platform’s assets.
What sets SAFO apart for institutional buyers is the roster behind it. CACEIS, the Crédit Agricole custody subsidiary, was already Spiko’s depositary bank and fund administrator for its T-bill funds, a relationship that helped put the startup on the map by lending it both credibility and distribution to CACEIS’s own client base. The swap fund deepens that institutional backing. Amundi, Europe’s largest asset manager, also controlled by Crédit Agricole, serves as delegated investment manager, while BNP Paribas is the G-SIB swap counterparty whose creditworthiness underpins the fund’s returns.
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