S&P Global leads $110m Kaiko Series B extension with major TradFi backers

S&P Global has led an extension to Kaiko’s Series B round, lifting the total raised to $110 million and assembling a syndicate that reads like a who’s who of institutional data consumers. BNP Paribas, Broadridge, Nasdaq Ventures, Royal Bank of Canada, Coinbase Ventures, and Susquehanna Private Equity Investments all joined, alongside Bpifrance, DRW Venture Capital, Canton Foundation, and the Stellar blockchain network. Existing investors Anthemis, Point Nine, and Revaia also participated.

Beyond the capital, the investors have joined a Strategic Industry Working Group chaired by Kaiko, with a stated purpose of shaping data infrastructure for tokenised markets. That governance layer is arguably the more significant signal: it commits named institutions to an ongoing standard-setting process, not merely a passive equity stake.

Kaiko’s value proposition sits at the intersection of two converging pressures. Traditional financial institutions are actively exploring on-chain issuance of Treasury bills, money market funds, equities, and bonds, and those markets require continuous, institutional-grade pricing and reference data. Kaiko currently covers more than 150 exchanges and protocols and counts over 250 financial firms and regulators among its clients. The composition of this round suggests the firm is positioning itself as the pricing and data layer that tokenised markets will need to meet existing compliance and risk management standards.