Spiko raises $90M to scale tokenised cash funds across Europe

Paris-based fintech Spiko has secured $90 million in a Series B funding round led by New Enterprise Associates (NEA). The company, which issues tokenised cash funds, now manages $2.7 billion in assets—a fivefold increase in the past year. Spiko plans to use the funds to expand into new European markets and launch additional products.

Funding round and growth

Paris-based Spiko, a fintech issuing tokenised cash funds, has raised $90 million in a Series B funding round led by New Enterprise Associates (NEA). The round brings the company’s total funding to $120 million, according to The Next Web.

The funding includes participation from existing investors such as Index Ventures, Bpifrance, Speedinvest, Flourish Ventures, Shapers, White Star Capital, Blockwall, Frst, EQNX, Mirana Ventures, and Wintermute Ventures. High-profile angel investors, including Axel Weber, former president of the Bundesbank, and Nik Storonsky, co-founder and CEO of Revolut, also contributed.

Spiko reports managing $2.7 billion in assets, a more than fivefold increase over the past 12 months. The company was managing $400 million when it closed a $22 million Series A round in July 2025.

Product and regulatory framework

Spiko designs and issues regulated cash funds in euros, dollars, sterling, and Swiss francs. These funds range from products with intraday liquidity to fixed-term options, all issued onchain. The company claims to be the largest issuer of tokenised cash funds, citing data from RWA.xyz to support its lead over competitors like BlackRock and Franklin Templeton.

The funds are integrated into products via an API and offer features like instant withdrawals. Spiko states that hourly yield accumulation is under development.

The company is licensed as an investment firm by France’s Prudential Control and Resolution Authority (ACPR). Client funds are held by CACEIS Bank, a subsidiary of the Crédit Agricole group, ensuring regulatory compliance and security.

Expansion and team

The new funding will support Spiko’s expansion into new markets, including Germany, Italy, Spain, the Netherlands, and the Nordics. The company plans to launch additional funds and grow its team to support this growth.

Spiko was founded in 2023 by Paul-Adrien Hyppolite, a former deputy head of the financial markets division at the French Treasury, and Antoine Michon, a technology adviser to the French government who previously led deployments at Palantir. The company’s leadership reflects a blend of public sector finance expertise and private sector technology experience.

Market context

Tokenised cash funds are gaining traction as fintechs and traditional asset managers explore onchain finance. These products aim to combine the liquidity of cash funds with the efficiency of blockchain technology, appealing to businesses and individuals seeking regulated, high-yield alternatives.

Spiko’s rapid growth aligns with broader trends in fintech, where regulated, scalable solutions are increasingly valued. The company’s licensing and partnerships with established financial institutions, such as CACEIS Bank, position it as a credible player in the space.

What this means

Lazyfounder analysis — our interpretation, not reported fact.

Spiko’s $90 million Series B round is a bet on the future of tokenised cash funds—a niche that bridges traditional finance and onchain innovation. The company’s rapid asset growth and regulatory licensing suggest it has addressed two critical barriers for institutional adoption: compliance and scalability.

For founders and operators, Spiko’s model offers a playbook for scaling regulated onchain products. Its ability to attract high-profile investors, including fintech founders and financial veterans, signals confidence in its trajectory. However, competition is intensifying, with BlackRock and Franklin Templeton also advancing in tokenised funds. Spiko’s expansion into Europe will test its ability to replicate its French success in less familiar regulatory and market environments.

The broader takeaway is that tokenised assets are moving beyond hype. Spiko’s growth indicates real demand for products that combine yield, liquidity, and blockchain efficiency. For startups in this space, the challenge will be balancing innovation with regulatory rigor—a hurdle Spiko seems to have cleared, at least for now.

Key takeaways

• Spiko’s $90 million Series B round reflects strong growth in tokenised cash funds, a niche gaining traction in fintech.
• The company’s rapid asset growth ($400M to $2.7B in a year) underscores demand for regulated, onchain financial products.
• Expansion plans across Europe signal confidence in scaling tokenised funds beyond France.
• Licensing and partnerships with established players like CACEIS Bank enhance credibility in a crowded market.
• High-profile investors, including fintech founders and financial veterans, highlight Spiko’s potential to disrupt treasury management.

FAQ

What are tokenised cash funds?

Tokenised cash funds are regulated investment funds issued on a blockchain, allowing investors to hold and trade fund shares as digital tokens. They combine the liquidity and yield of traditional cash funds with the efficiency and transparency of onchain finance.

Why is Spiko’s licensing important?

Spiko is licensed as an investment firm by France’s Prudential Control and Resolution Authority (ACPR). This licensing ensures regulatory compliance, which is critical for institutional and retail investors who require security and transparency when investing in financial products.

How does Spiko’s product differ from traditional cash funds?

Spiko’s funds are issued onchain, enabling features like instant withdrawals and API integration. Unlike traditional cash funds, which rely on legacy infrastructure, Spiko’s model leverages blockchain technology to offer real-time settlement and programmability.

Who are Spiko’s main competitors?

Spiko competes with established asset managers like BlackRock and Franklin Templeton, both of which are also active in tokenised funds. However, Spiko claims to be the largest issuer in this space, citing data from RWA.xyz.

What will Spiko use the new funding for?

Spiko plans to use the $90 million to launch new funds, expand into new markets across Europe, and grow its team. The company is building local teams in Germany, Italy, Spain, the Netherlands, and the Nordics.

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