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Spiko raises $90M to expand tokenized cash funds

Spiko raises $90M to expand tokenized cash funds

Money Moves

London and Paris startup manages more than $3 billion in tokenized cash funds after a $90 million Series B

October 6th, 2026: Spiko raises $90 million Series B

Overview

Updated Oct 22

Spiko raised $90 million in a Series B led by New Enterprise Associates to launch new funds and hire local teams in Germany, Italy, Spain, the Netherlands and the Nordics. The London and Paris company was valued at $800 million in the round.

Its funds held more than $3 billion in October, about $374 million above the level 30 days earlier, according to a Woofun tally dated Oct. 21. They hold Treasury bills and overnight swaps in euros, dollars, pounds and Swiss francs, with shares recorded on public blockchains so cash moves in and out around the clock. Spiko says its range of tokenized treasury funds is wider than BlackRock's or Franklin Templeton's, citing RWA.xyz data.

Why it matters

Tokenized cash funds let businesses earn yield on idle cash around the clock. Spiko's lead shows this market is moving beyond experiments.

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Key Indicators

$3B
Assets under management
Passed $3 billion in October 2026, per a Woofun tally dated Oct. 21. DefiLlama tracked about $2.66 billion on-chain on Oct. 12.
$90M
Series B round size
Led by New Enterprise Associates with participation from Index Ventures, Bpifrance, Speedinvest, and others.
$120M
Total funding to date
Includes the Series B and earlier rounds since Spiko's 2023 founding.
10,000+
Businesses and individuals using Spiko
Across more than 25 jurisdictions, directly or through platforms that embed its funds.
$800M
Company valuation
Reported by Bloomberg following the Series B.

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People Involved

PH
Paul-Adrien Hyppolite
Co-founder and CEO
Leading Spiko's product strategy and European expansion
AM
Antoine Michon
Co-founder
Building Spiko's technology and API infrastructure
 Axel Weber
Axel Weber
Angel investor
Joined Spiko's Series B as an individual investor

Organizations Involved

Spiko
Spiko
Fintech company
Passed $3 billion in assets under management in October 2026

Issues regulated cash funds whose shares are recorded on public blockchains, making them programmable and operable 24/7.
Nepal Electricity Authority (NEA)
Nepal Electricity Authority (NEA)
Venture capital firm
Lead investor in Spiko's Series B

US venture capital firm with more than $38 billion in assets under management and lead investor in Spiko's $90 million Series B.
Amundi
Amundi
Asset manager
Portfolio manager for Spiko's Smart Cash fund

Europe's largest asset manager, partnering with Spiko on the Spiko Amundi Overnight Swap Fund.
BlackRock
BlackRock
Asset management firm
Competitor in tokenized cash funds

World's largest asset manager, issuer of BUIDL, a tokenized money market fund administered by Securitize.

Timeline

2023 October 2026

8 events Latest: October 6th, 2026 · 1 month ago
Tap a bar to jump to that date

  1. Spiko raises $90 million Series B

    Latest Funding

    NEA leads the round, bringing total funding to $120 million at an $800 million valuation.

  2. Assets pass $3 billion

    Milestone

    Spiko's funds topped $3 billion in assets, about $374 million more than 30 days earlier, per a Woofun tally dated Oct. 21. It had passed $2 billion less than four months before.

  3. Smart Cash fund launches with Amundi

    Product Launch

    Spiko launches its Smart Cash fund with Amundi as portfolio manager, under the name Spiko Amundi Overnight Swap Fund (SAFO).

  4. Spiko passes $1 billion AUM

    Milestone

    Company crosses $1 billion in assets under management for the first time.

  5. Spiko hits $400 million AUM

    Milestone

    Company reports $400 million in assets with a 9-person team.

  6. Memo Bank integrates Spiko

    Partnership

    Customers allocate over €35 million through the banking platform within two weeks.

  7. First euro and dollar funds launch

    Product Launch

    Spiko's first two funds gave businesses and individuals Treasury-bill exposure with daily redemption through its app.

  8. Spiko founded

    Founding

    Paul-Adrien Hyppolite and Antoine Michon found Spiko in London and Paris.

Scenarios

1

Spiko extends lead as tokenized cash funds go mainstream

Likely Resolves by Oct 6, 2027

Discussed by: RWA.xyz data and industry analysts

Spiko uses the $90 million to launch new funds, expand across Germany, Italy, Spain, the Netherlands, and the Nordics, and roll out hourly interest accrual. Its API-first model lets banks and fintechs embed its funds, compounding growth through distribution partners like Memo Bank.

2

BlackRock and Franklin Templeton reclaim the lead

Possible Resolves by Oct 6, 2027

Discussed by: Bloomberg and crypto market analysts

Traditional asset managers scale their tokenized funds using existing distribution networks and brand trust. BlackRock's BUIDL, tokenized by Securitize, is the main challenger to Spiko's lead.

3

Regulators tighten rules on tokenized fund registries

Possible Resolves by Oct 6, 2027

Discussed by: Legal and compliance analysts

European or US securities regulators impose new requirements on blockchain-based share registries, raising compliance costs and slowing Spiko's growth. The company's UCITS structure and public blockchain registry could draw scrutiny.

Historical Context

2 moments from history that rhyme with this story — and how they unfolded.

March 2024

BlackRock's BUIDL launch (2024)

BlackRock launched BUIDL, a tokenized money market fund on Ethereum, administered by Securitize. It became the benchmark for tokenized funds.

Then

BUIDL attracted significant institutional assets, validating tokenized funds as a product category.

Now

It set the competitive benchmark that Spiko and other issuers now measure against.

Why this matters now

BUIDL is Spiko's main competitor. Spiko's SAFO fund grew faster in its first three weeks than BUIDL did, per RWA.xyz data.

2021

Franklin Templeton's tokenized money market fund (2021)

Franklin Templeton launched the first tokenized US money market fund on a public blockchain, pioneering the model Spiko now leads.

Then

The fund grew steadily but remained small for years.

Now

It proved blockchain-based fund registries work, paving the way for later entrants.

Why this matters now

Franklin Templeton is one of the incumbents Spiko now ranks ahead of in tokenized fund assets.

Sources

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Spiko NEA Bloomberg Law The Next Web Index Ventures Blockwall Startup.eu Crypto Briefing Speedinvest StreetInsider Financial Content The Industry Spread Pomegra TokenPost Woofun Research Facts Deck The Block Blockwall