Spiko raises a $90M Series B led by NEA for its tokenised cash funds

Spiko, a Paris and London company that issues tokenised cash funds, has taken its total funding to $120 million, it said in a statement on Tuesday. New Enterprise Associates (NEA) led the $90 million Series B.

Index Ventures, Bpifrance, Speedinvest, Flourish Ventures, Shapers and White Star Capital took part. So did Blockwall, Frst, EQNX, Mirana Ventures and Wintermute Ventures. Angel investors included Axel Weber, a former president of the Bundesbank, and the founders of Qonto.

“Every person and every organization holds cash, yet whether it earns anything still depends on who you are and how much you have,” said Paul-Adrien Hyppolite, Spiko’s co-founder and chief executive. “Yield should be universal.”

What Spiko sells

Spiko designs its own regulated cash funds, from products with intraday liquidity to fixed-term ones. Businesses use them through a desktop and mobile app. Other companies and financial platforms can build them into their own products through an API. The funds come in euros, dollars, sterling and Swiss francs.

Spiko Finance is licensed as an investment firm by France’s Prudential Control and Resolution Authority (ACPR), according to its website. Client money is held by CACEIS Bank, part of the Crédit Agricole group, the site says.

Spiko says it manages $2.7 billion, up more than fivefold in 12 months. More than 10,000 businesses and individuals in over 25 jurisdictions use its funds, directly or through platforms that embed them. Clients include startups, scale-ups, research institutes, public institutions, VC funds and medical practices.

When Spiko raised a $22 million Series A led by Index Ventures in July 2025, it had $400 million under management, Index Ventures said at the time.

The company says it is now the largest issuer of tokenised cash funds, ahead of BlackRock and Franklin Templeton. It cites data from RWA.xyz.

Cash run by rules

Spiko issues the funds onchain, on the same rails as stablecoins and smart contracts. A finance team can set its rules once, the company said. For example, it can keep enough in the operating account for payroll and supplier payments. It can move the rest into a fund it can draw on at any time. Cash it will not need for a quarter can go into a fixed-term fund at a higher rate.

Spiko runs those rules day and night. A company’s treasury management system, or an AI agent acting for it, can change them through the API. The funds offer instant withdrawals today, and yield that builds up every hour is coming soon, according to the company.

“We looked at dozens of companies solving pieces of this problem. We believe Spiko is the only one that’s solved the regulatory piece and the product piece at the same time,” said Philip Chopin, managing director and head of Europe at NEA.

The founders and the plan

Hyppolite, a former deputy head of the financial markets division at the French Treasury, founded Spiko in 2023 with Antoine Michon. Michon is a former technology adviser to the French government who previously led deployments at Palantir.

The new money will go into launching new funds, opening new markets and growing the team. Spiko is building local teams in Germany, Italy, Spain, the Netherlands and the Nordics. Revolut’s co-founder and chief executive, Nik Storonsky, is also among its investors, the company said.