Paris- and London-based startup Spiko has raised $90 million in a Series B funding round led by New Enterprise Associates, valuing the tokenized cash fund issuer at $800 million. The capital injection will fuel Spiko's expansion across Europe and the US as its assets under management reach $2.7 billion. Spiko is positioning itself to compete directly with traditional financial giants like BlackRock and Franklin Templeton by offering UCITS-compliant, blockchain-native treasury tools for businesses.
Details of the Series B round
- ▪Spiko raised $90 million in a Series B funding round led by New Enterprise Associates, valuing the company at $800 million
- ▪The Series B funding round brings Spiko's total funding since its 2023 founding to approximately $120 million
- ▪Investors participating in Spiko's Series B round included Index Ventures, White Star Capital, Speedinvest, Bpifrance, Wintermute Ventures, and former Bundesbank President Axel Weber
Future expansion plans
- ▪Spiko has not disclosed which new countries or investment products will launch first, nor has it set a timetable for introducing continuous, hourly yield accrual
- ▪Spiko plans to use the Series B capital to expand its operations across Europe and the United States, including establishing local teams in Germany, Italy, Spain, the Netherlands, and the Nordic countries
Fund structure and regulation
- ▪Spiko's funds are authorized by France's Autorité des Marchés Financiers and support automated treasury rules through an API, allowing businesses to programmatically direct excess operating cash into yield-bearing products
- ▪Spiko issues shares in its regulated, UCITS-compliant cash funds as tokens on public blockchains, including Stellar and Ethereum, backed by sovereign Treasury bills or collateralized swaps
The cash yield gap
- ▪Spiko targets a cash yield gap between Europe and the United States, pitching its funds as a treasury tool for mid-sized European companies that lack convenient yield options
- ▪Tokenized cash fund issuer Spiko stated that 50 trillion dollars of cash in Europe and the United States earns next to nothing, with every point of missed yield costing 500 billion dollars a year
Stablecoin integrations
- ▪Spiko's 2025 integration with Morpho and Société Générale-Forge allowed eligible investors to pledge EUTBL and USTBL shares as collateral to borrow stablecoins
- ▪Spiko partnered with Fipto in October 2026 to allow investors to move EURC and USDC stablecoin balances directly into Spiko's funds through platforms like Coinhouse
Growth in assets under management
- ▪Spiko's assets under management crossed $1 billion in February 2026 and $2 billion in July 2026, adding $1 billion in approximately five months
- ▪Spiko's assets under management reached $2.7 billion as of late September 2026, growing more than fivefold over the preceding 12 months
Spiko's user growth
- ▪The Spiko Amundi Overnight Swap Fund attracted more than 6,500 users within roughly four months of its March 2026 launch
- ▪More than 10,000 businesses and individuals across over 25 jurisdictions use Spiko's funds directly or through integrated financial platforms
Debatable claims
- ▪Blockchain-native startups are better positioned than traditional giants to lead the tokenized asset market
- ▪Public blockchains are a safe infrastructure for regulated cash funds
- ▪Tokenized cash funds offer superior treasury management compared to traditional money market funds
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