S&P Global Leads Kaiko Funding Round to $110 Million

On September 14, 2026, Kaiko extended its Series B funding round to $110 million. S&P Global, through S&P Global Ventures, led the strategic investment in the Paris company. Ambre Soubiran, its chief executive, cast the round as a partnership built for what comes next.

“The investors in this strategic round work across the core functions of digital asset markets: pricing, trading, capital allocation, and blockchain development,” Soubiran said. “They are backing both the company Kaiko has built, a regulated institutional-grade data provider covering over 150 exchanges and protocols, and our vision to provide the data infrastructure layer for onchain capital markets. These are partners, not just shareholders. Together we will define how institutional money moves onchain.”

Onchain capital markets are the systems that trade and settle assets represented as tokens on blockchain networks. The company valuation was not disclosed. The checks came from BNP Paribas, Bpifrance, Broadridge, Canton Foundation, Coinbase Ventures, DRW Venture Capital, Nasdaq Ventures, Royal Bank of Canada, Stellar and Susquehanna Private Equity Investments. Existing shareholders Anthemis, Point Nine and Revaia participated again. Those institutions joined a Strategic Industry Working Group chaired by Kaiko, focused on data infrastructure for tokenized markets and the standards that would bring those products into production. Kaiko holds the chair.

Joe Bonnaud, Head of Global Markets EMEA at BNP Paribas, spoke for one of the new backers. “We are pleased to participate in this investment round alongside a diverse group of financial institutions. As tokenized finance continues to evolve, the demand for robust market infrastructure, enhanced transparency, and trusted data will become paramount. We look forward to engaging in the industry dialogues led by Kaiko and supporting the continued evolution of this ecosystem.”

Tokenized finance is the practice of representing real-world assets such as Treasury bills, money market funds, equities and bonds as tokens on blockchain networks so they can trade and settle without traditional market hours. Traditional financial markets trade within set hours, with closing prices serving as the key benchmark for valuation. Digital asset markets have run 24 hours a day from the outset, so pricing, collateral valuation and risk management must operate in real time as well.

“A 24-hour market needs infrastructure that runs 24 hours a day,” said Kim Trautmann, head of DRW Venture Capital.

Kaiko had been building that market-data business since 2014. Seed funding of $5 million arrived in 2019. A Series A of $24 million followed in 2021. In 2022 the Series B raised $53 million, backed by Eight Roads and Revaia among others. Over those twelve years the firm grew to about 120 employees worldwide. It now serves more than 250 financial firms, institutions and regulators, among them banks, asset managers and exchanges, with digital asset market data, analytics and indices.

Kaiko bought Amberdata, once its largest U.S. crypto data rival. The acquisition closed in the same recent window as the purchase of Cometh. Cometh supplies infrastructure for decentralized finance, the set of financial applications that operate on blockchain networks without conventional banks or brokers, and holds authorization from the French AMF as a crypto-asset service provider under the EU Markets in Crypto-Assets regulation known as MiCA. The pair of deals expanded Kaiko’s presence in the United States and its technical and regulatory capabilities at the same time.

In March 2026, S&P Dow Jones Indices and Kaiko tokenized the iBoxx U.S. Treasuries Index on the blockchain. It was the first time a major index provider had made a financial benchmark available as a native digital asset, with the index data, licensing and permissioning embedded in the token itself. On September 1 they combined their crypto index work into one co-branded suite, the S&P Kaiko Digital Asset Indices.

Cathy Clay, chief executive of S&P Dow Jones Indices, set the later investment against that sequence. “As digital assets accelerate, S&P Global is investing for the future, and this investment underscores that conviction,” she said. Kaiko’s market data and analytics, she added, turn complex trading and onchain activity into reliable, decision-ready intelligence, bridging traditional and decentralized finance and giving institutions the transparency and trust to deploy capital onchain with confidence.

Ambre Soubiran answered the lead commitment directly. “This investment from S&P Global is a powerful endorsement of Kaiko’s mission and the role trusted data and data infrastructure will play in tokenized markets,” she said. “S&P Global brings a reputation for trust and analytical excellence that is unmatched in global markets. Together, we will accelerate our ability to serve institutions as they move on-chain at a pivotal moment for the industry.”

Kaiko’s core business supplies institutional-grade market data for digital assets that trade continuously. Its data infrastructure offering extends that work into onchain capital markets by delivering proprietary market data to smart contracts, the self-executing programs on a blockchain that run when preset conditions are met; by transforming onchain financial activity into standardized off-chain data; and by enabling confidential valuation and analytics. The capital from the extended round is meant to strengthen both the core market-data business and that expanding infrastructure layer.

“Tokenization is becoming a reality,” Ambre Soubiran said. “Data is needed to apply tokenized assets to real-world use cases.”