Spiko, a London- and Paris-based tokenized cash fund issuer, has closed a $90 million Series B led by New Enterprise Associates, bringing its total funding to $120 million. The round was announced on Oct. 6 and included Index Ventures, Bpifrance, Speedinvest, Flourish Ventures, White Star Capital, Blockwall, Frst, EQNX, Mirana Ventures and Wintermute Ventures. Former Bundesbank President Axel Weber and the founders of Qonto joined as angel investors.
The company said assets under management across its regulated tokenized cash funds reached $2.7 billion, up more than fivefold over the past 12 months. More than 10,000 businesses and individuals across over 25 jurisdictions now use Spiko funds directly or through financial platforms that integrate its products via API.
Spiko issues fund shares on public blockchains, covering euros, U.S. dollars, British pounds and Swiss francs. Its structure allows companies to automate treasury rules, keep cash available for payroll and operating expenses, and move excess balances into yield-bearing products. The company plans to use the new capital to launch additional funds, enter new markets, and hire local teams in Germany, Italy, Spain, the Netherlands and the Nordic countries. Spiko also said it is working toward continuous hourly yield accrual across its cash products.
Spiko claims it is now the largest issuer of tokenized cash funds, citing RWA.xyz data, ahead of comparable products from BlackRock and Franklin Templeton. The comparison refers only to tokenized cash funds, not total assets under management. Spiko’s expansion has been supported by its partnership with Amundi; the Spiko Amundi Overnight Swap Fund, launched in March, passed $1 billion in assets by July. The fund was later extended to Solana, while Spiko’s earlier integration with Chainlink CCIP enabled tokenized money-market fund shares to move across supported blockchains.
CEO Paul-Adrien Hyppolite described the long-term goal as making cash generate yield “by default, around the clock.” NEA Managing Director and Head of Europe Philip Chopin said the firm examined dozens of companies in the market before investing.
