Spiko raises $90m to scale tokenised cash funds
Spiko raises a $90M Series B led by NEA as the largest issuer of tokenised cash funds reaches $2.7B in assets
Spiko has raised a $90 million Series B led by New Enterprise Associates, with Index Ventures, Bpifrance, Speedinvest, Flourish Ventures, Shapers, White Star Capital, Blockwall, Frst, EQNX, Mirana Ventures and Wintermute Ventures participating. Angels include former Bundesbank president Axel Weber and the founders of Qonto; Revolut co-founder Nik Storonsky was already on the cap table. Total funding is now $120 million.
Founded in 2023 by CEO Paul-Adrien Hyppolite, former deputy head of financial markets at the French Treasury, and Antoine Michon, a former technology advisor to the French government who led deployments at Palantir, Spiko designs its own regulated cash funds, from intraday liquidity to fixed-term products, in euros, dollars, sterling and Swiss francs. Businesses use them through an app, and any company or platform can embed them through an API; clients range from startups and VC funds to research institutes, public bodies and medical practices.
The funds are issued onchain, which puts Spiko ahead of BlackRock and Franklin Templeton as the largest issuer of tokenised cash funds. Assets under management stand at $2.7 billion, up more than fivefold in twelve months, with over 10,000 businesses and individuals in more than 25 jurisdictions. Running on the same rails as stablecoins makes the cash programmable: a finance team sets its rules once, keep enough for payroll, sweep the rest into a liquid fund, park a quarter's surplus in a term fund, and Spiko executes around the clock, with the treasury system or an AI agent adjusting via the API. Instant withdrawals are live; continuously accruing yield is next.
The company works from London and Paris and is building local teams in Germany, Italy, Spain, the Netherlands and the Nordics. The money goes into new funds, new markets and headcount.
The read: Europe and the US hold around $50 trillion in cash earning close to nothing; Spiko is selling the sweep account the banks never offered.