Paris-based fintech Spiko has pulled in $22m after completing a series A funding round.
The startup, founded in 2023, is focused on cash management for SMEs using blockchain technology.
It was started by two former French government advisers, Antoine Michon and Paul-Adrien Hyppolite, based on the premise that corporates operating in Europe face more challenges in converting their assets to cash than the US due to the fragmented regulatory frameworks and market structure.
By using tokenisation, companies can earn more interest on their low-risk assets such as treasury bills. “In Europe, there’s a mistaken belief that your money won’t earn interest unless you lock it away or take on risk,” said Hyppolite.
“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.”
The funding round was led by venture capital firm Index Futures and included angel investors such as Revolut CEO Nik Storonsky and Wise CTO Harsh Sinha.