Spiko wasn't even fundraising and closed $90m anyway

This one caught my eye because they weren't even fundraising and still closed $90m at an $800m valuation, and it's not an AI company which this year feels pretty rare. Worth a read if you're building something unsexy that just works.

Spiko is a fintech built around money market funds, which is about as boring a corner of finance as you get, it's basically where people park cash in short term low risk stuff. What Spiko does is package that up for a digital first market, so the pitch is access and distribution rather than anything new.

The round was a $90m Series B with NEA, Index Ventures and Speedinvest in, so a big US firm sitting next to two of the best known names in European tech. The coverage doesn't say who led or how it was split.

The bit I like is that Spiko says it wasn't actively raising. Normally you spend months on a deck and pitching dozens of funds, so a round this size turning up without a process means investors came to them and not the other way round. They were described as post seed not that long ago too so it's a big jump up the ladder.

A lot of the money right now is chasing AI, even at the early stage, Talky in Madrid raised €1.5m the same week to do AI for accounting. So Spiko getting $800m for a non AI product says investors will still back something with clear demand if it's actually working.

I don't think the lesson is that raising is easy now, it's more that if you've got real momentum in a clear product the right investors find you and you get to do it on your terms. Whether they grow into $800m is down to execution but they've got the money and the backers to try.

Source: Sifted, This fintech wasn't 'actively' fundraising. Then it closed a $90m round at an $800m valuation