Spiko raises $90m Series B led by NEA as assets in its tokenised cash funds reach $2.7bn

Spiko, the Paris-based fintech that sells money market funds recorded on public blockchains, has raised a $90m Series B led by US venture firm New Enterprise Associates (NEA). The round lifts the company's total funding to $120m. It also shows that investors are prepared to pay up for a European player in tokenised cash management, a niche where US asset managers have so far set the pace.

Press reports put the company's valuation at around $800m. Spiko did not give a valuation in its own announcement.

From $4m pre-seed to $120m in just over two years

The pace of fundraising has been quick. Spiko was founded in June 2023 and raised a $4m pre-seed in June 2024 from backers including Frst, Blockwall and Kima. Index Ventures then led a $22m Series A in July 2025. The new round is roughly four times that size and arrives about fifteen months later.

Index is back this time. So are early backers Frst and Blockwall, joined by France's public investment bank Bpifrance, Speedinvest, White Star Capital and Flourish Ventures, plus Shapers, EQNX and two crypto-focused funds, Wintermute Ventures and Mirana Ventures. Among the angels are Axel Weber, who once ran Germany's Bundesbank, and the team that founded Qonto, the French business-banking startup.

The growth figures explain the appetite. Spiko says clients have put $2.7bn into its funds, more than five times the figure of a year earlier. It counts over 10,000 businesses and individuals in more than 25 countries as customers, against roughly 1,000 clients around the time of the Series A, according to trade press coverage of the deal.

Philip Chopin, managing director and head of Europe at NEA, framed the bet around the founders. "Paul-Adrien and Antoine are building the default home for cash," he said.

What Spiko actually sells

The product itself is old-fashioned. Money market funds, which invest in short-dated government debt, have been a routine tool for American corporate treasurers for decades but remain little used by smaller European companies. Spiko packages them in euros, dollars, sterling and Swiss francs and sells them through a web and mobile app. Other companies and financial platforms can plug the funds into their own products through an API.

The newer part sits underneath. Each fund share is recorded on a public blockchain, the same type of infrastructure stablecoins use, which runs every day of the year. Spiko says that already lets clients withdraw instantly. It plans to add interest that accrues in real time rather than once per business day.

The company's customer list is broad: startups and scale-ups, medical practices, research institutes, public bodies and venture capital funds. Spiko is regulated in France as a MiFID investment firm, supervised by the ACPR and the AMF.

Its co-founders come from the state rather than from banking. Paul-Adrien Hyppolite, the chief executive, previously ran the regulation of financial-instruments markets at the French Treasury. Antoine Michon, the chief operating officer, advised a minister on the state's digital transformation and earlier led deployments at Palantir.

The pitch is about who captures interest on idle money. Spiko estimates that companies and households in Europe and the US hold about $50tn in cash and deposits, much of it earning close to nothing while the European Central Bank's policy rate sits at 2.5% and the US rate near 4%. By its maths, each percentage point of yield on that pile is worth $500bn a year, most of which currently stays with banks.

"Our ambition is to make all cash earn by default, around the clock." – Paul-Adrien Hyppolite, co-founder and CEO of Spiko

Programmable cash and a push across Europe

The next product step is what Spiko calls programmable cash. A finance team would set rules once and the platform would apply them continuously. The company gives two examples: pulling exactly what is needed from the fund when payroll or supplier invoices come due, and moving money that will sit untouched for a quarter into a fixed-term fund paying a higher rate. Those rules could be changed through the API, from a treasury management system, or by an AI agent.

That fits a wider argument Spiko is making: traditional funds follow business-day calendars inherited from payment rails and accounting software, while money increasingly moves at any hour, triggered by code.

Spiko also claims to run the largest range of tokenised treasury funds in the world, ahead of BlackRock and Franklin Templeton, citing data from the tracker RWA.xyz. Those two US giants are the obvious reference points, and their presence in the segment is a reminder that a startup competing on fund products faces deep-pocketed incumbents.

The company says the money will go to three things: new products, new markets and a bigger team. It already has offices in Paris and London. Next it plans to build local teams in Germany, Italy, Spain, the Netherlands and the Nordic countries, which would put staff on the ground in most of the eurozone's largest economies. It did not give hiring targets or a timetable for real-time interest.