Spiko raises $90M Series B to expand tokenized cash funds

Spiko's raise lands in a corner of tokenization that has drawn less attention than tokenized treasuries but may prove stickier: cash management, where the pitch is operational rather than speculative. The $90M and $2.7B in assets suggest investors see distribution and market access, not product novelty, as the binding constraint. The question worth watching is whether expansion into additional markets is gated by licensing and banking rails rather than demand, since that determines how quickly tokenized cash funds can compete with conventional money market access outside their home base.