Spiko Series B Raises $90 Million to Scale Tokenized Cash Funds

Spiko completed a $90 million Series B round on October 6, 2026, led by New Enterprise Associates. The Paris- and London-based company now manages $2.7 billion in tokenized cash and money market funds across EUR, USD, GBP, and CHF denominations.

Investor Details and Capital Deployment

NEA led the round with participation from Index Ventures, Bpifrance, Speedinvest, White Star Capital, Flourish Ventures, Wintermute Ventures, and Blockwall. Angel investors included former Bundesbank President Axel Weber and the founders of Qonto. The round values Spiko at $800 million post-money and brings cumulative funding to approximately $120 million, following a $22 million Series A in 2025.

Proceeds will fund new product launches, geographic expansion, and team growth. The company plans to establish local teams in Germany, Italy, Spain, the Netherlands, and the Nordics while maintaining operational hubs in London and Paris. Additional capital will support continuous yield accrual features and deeper API programmability for automated allocation between operating accounts and yield-bearing products.

CEO Paul-Adrien Hyppolite stated the firm aims to make all cash earn by default around the clock. NEA partner Philip Chopin noted that Spiko has addressed both regulatory and product requirements simultaneously, positioning the platform as a default home for cash holdings.

Assets Under Management and Client Reach

Assets under management reached $2.7 billion, representing more than a fivefold increase over the prior twelve months. The funds serve over 10,000 businesses and individuals across more than 25 jurisdictions through direct access or API-embedded platforms. Clients range from startups and scale-ups to research institutes, public institutions, venture capital funds, and medical practices.

Spiko ranks as the largest issuer of tokenized cash funds by range and AUM according to RWA.xyz data, ahead of BlackRock’s BUIDL and Franklin Templeton’s BENJI products. The funds consist of regulated UCITS money market vehicles backed by T-bills and overnight swap instruments, with Spiko Amundi Overnight Swap Fund as a primary contributor. Partners handle investment management through Amundi and custody through CACEIS.

Instant withdrawals and on-chain ownership transfers run on public blockchains. The infrastructure allows programmable cash rules that integrate with stablecoins and smart contracts, addressing the roughly $50 trillion in European and U.S. deposits that currently earn minimal yield.

Product Roadmap and Market Expansion

Spiko was founded in 2023 by Paul-Adrien Hyppolite and Antoine Michon. First funds launched in 2024. The company focuses on tokenized, regulated vehicles that deliver yield on idle cash while remaining compatible with existing financial rails and decentralized applications.

Next steps include entry into additional European markets and development of real-time yield accrual mechanics. The firm will also extend programmability so institutions can embed automated cash management directly into treasury workflows. These enhancements aim to reduce friction between operating liquidity and yield-generating instruments for both corporate and institutional users.