Spiko has raised $90 million in a Series B funding round led by New Enterprise Associates as the company’s tokenized cash funds grow to $2.7 billion in assets under management.
The latest round brings Spiko’s total funding to $120 million and comes after the company said its assets under management increased more than fivefold over the past 12 months.
Spiko plans to use the new capital to launch additional investment products, expand into more European markets, and grow its workforce.
- Spiko raised $90 million in a Series B round led by New Enterprise Associates.
- The financing brings the company’s total funding to $120 million.
- Assets under management have reached $2.7 billion after growing more than fivefold in 12 months.
- More than 10,000 businesses and individuals across over 25 jurisdictions use Spiko’s funds, according to the company.
- Spiko plans to use the new funding for product launches, European expansion, and hiring.
- Its regulated cash funds cover euros, U.S. dollars, British pounds, and Swiss francs.
- Shares in the funds are issued on public blockchains.
Spiko announced the funding on Oct. 6.
Alongside NEA, the Series B included participation from 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 also participated as angel investors.
The London- and Paris-based company says more than 10,000 businesses and individuals now use its products directly or through financial platforms that integrate Spiko’s funds.
Those customers are spread across more than 25 jurisdictions.
Spiko will use the $90M to expand across Europe
Spiko plans to direct the new capital toward three main areas: product development, international expansion, and hiring.
The company is preparing to build local teams across Germany, Italy, Spain, the Netherlands, and the Nordic region.
Spiko already operates regulated cash funds denominated in euros, U.S. dollars, British pounds, and Swiss francs.
Customers can access the products through Spiko’s desktop and mobile applications.
Banks, fintech companies, and other financial platforms can also integrate Spiko’s funds through an API.
The company says its customer base includes startups, larger technology companies, research institutes, venture capital firms, public-sector organizations, and medical practices.
Its products are mainly designed for businesses holding cash that is not immediately required for payroll, suppliers, or daily operating expenses.
Spiko wants company cash to earn yield automatically
Spiko co-founder and CEO Paul-Adrien Hyppolite said the company’s longer-term objective is to make idle cash generate yield automatically.
He described the goal as making cash earn returns “by default, around the clock.”
However, continuous hourly yield accrual is not yet available across all Spiko funds.
The company says it plans to introduce the feature as its platform develops.
Withdrawal options also vary depending on the fund and currency involved.
Spiko’s technical documentation states that some euro-denominated products currently support instant bank withdrawals of up to €500,000 per day through SEPA Instant.
Other withdrawals follow the standard settlement cycle of the relevant investment fund.
Tokenized cash funds help automate corporate treasury management
Spiko issues shares in its investment funds on public blockchains.
This means ownership records are maintained using infrastructure similar to that used for stablecoins and smart contracts.
The structure allows companies to build automated treasury rules around their cash positions.
For example, a business could keep a fixed amount of money available for immediate bills, move excess cash into a tokenized cash fund, and allocate longer-term balances into other products.
Spiko’s API can help automate those decisions.
This approach is designed to make treasury management more efficient without requiring companies to manually move funds every time their cash position changes.
Spiko funds remain regulated financial products
Although Spiko uses public blockchains to issue fund shares, the underlying products remain conventional regulated investment funds.
Its main UCITS products are authorized by France’s Autorité des Marchés Financiers.
Spiko says the funds can be distributed in France and in European Economic Area countries where the relevant share classes have been registered.
The company initially launched euro- and U.S. dollar-denominated Treasury bill funds in 2024.
Shares in those funds were issued as blockchain tokens, while the underlying portfolios continued investing in government securities under traditional fund regulations.
This structure combines blockchain-based ownership and transfer infrastructure with regulated investment products.
Spiko has expanded rapidly since its Chainlink integration
Spiko later integrated Chainlink’s Cross-Chain Interoperability Protocol to allow tokenized money-market fund shares to move between supported blockchain networks.
At the time of that integration in July 2025, the products involved held more than $380 million in assets.
Spiko’s latest figure of $2.7 billion shows how significantly the company has expanded since then.
However, the current $2.7 billion figure covers Spiko’s broader range of regulated cash funds, not only the two Treasury-bill products involved in the original Chainlink integration.
That distinction is important when comparing the company’s growth over time.
Spiko says it is now the largest tokenized cash fund issuer
Spiko says it has become the world’s largest issuer of tokenized cash funds based on data from RWA.xyz.
The company claims that its combined assets now exceed comparable tokenized cash products offered by BlackRock and Franklin Templeton.
The comparison applies specifically to tokenized cash funds.
It does not mean Spiko has more total assets under management than BlackRock or Franklin Templeton as financial institutions.
Both firms remain major players in the broader tokenized money-market and Treasury fund sector.
BlackRock’s BUIDL and Franklin Templeton’s BENJI are among the most established tokenized financial products in the market.
Competition in tokenized money-market funds is increasing
The tokenized real-world asset sector has become increasingly competitive during 2026.
BlackRock expanded its tokenized fund lineup in August with two additional money-market products.
Those funds were designed to hold assets such as cash, short-term U.S. Treasury securities, and Treasury-backed overnight repurchase agreements.
Franklin Templeton has also been expanding the role of its BENJI fund.
In September, BENJI became available as off-exchange collateral for eligible institutional customers using Bybit.
That structure allows institutions to use tokenized fund shares to support USDT or USDC trading credit lines without moving the underlying fund assets onto the exchange.
Spiko has been following a similar strategy by making its tokenized fund shares useful beyond simple cash investment.
Spiko fund shares can be used as collateral
In 2025, Spiko partnered with Morpho and Société Générale-Forge to let eligible investors use EUTBL and USTBL fund shares as collateral.
Users could pledge those assets and borrow stablecoins without first redeeming their money-market fund positions.
Spiko said the arrangement provided access to stablecoin liquidity on a 24/7 basis.
The feature gives tokenized fund shares an additional use case.
Instead of choosing between holding a yield-generating cash product and accessing liquidity, investors can potentially use the tokenized fund as collateral while keeping their investment exposure.
That type of integration shows how tokenization can connect traditional regulated funds with decentralized or blockchain-based financial infrastructure.
Amundi partnership helped accelerate Spiko’s growth
A major part of Spiko’s recent expansion came through its partnership with Amundi.
The companies launched the Spiko Amundi Overnight Swap Fund, known as SAFO, in March.
The product includes share classes denominated in U.S. dollars, euros, British pounds, and Swiss francs.
It is designed to track overnight interest rates for the relevant currencies.
According to Spiko’s product documentation, Amundi Asset Management manages the investment strategy.
By July, Spiko said SAFO had surpassed $1 billion in assets.
The company also reported more than 6,500 users within roughly four months of the fund’s launch.
Spiko later extended its stablecoin borrowing functionality to SAFO shares.
SAFO was also expanded to Solana
Spiko and Amundi extended SAFO to Solana in May as part of a wider multichain strategy.
Spiko acts as the transfer agent and tokenization platform for the fund.
CACEIS handles depositary and fund administration services.
The arrangement allows fund shares to exist on blockchain infrastructure while keeping traditional financial functions such as asset management, custody, and administration within regulated structures.
This hybrid model has become increasingly common in the tokenized real-world asset market.
Spiko’s $2.7B is spread across multiple products and blockchains
Spiko says its current $2.7 billion in assets is spread across regulated funds in four currencies and across multiple public blockchains.
However, the Series B announcement did not provide a detailed fund-by-fund breakdown of the full $2.7 billion.
That means it is not currently clear how much of the total sits in each individual fund, currency, or blockchain deployment.
The funding announcement instead focused on the overall growth of the company’s platform.
Investor backing reflects growing interest in tokenized finance
NEA Managing Director and Head of Europe Philip Chopin said the investment firm evaluated “dozens of companies” operating in similar areas before deciding to invest in Spiko.
He said the company had addressed both regulatory and product challenges associated with tokenized cash management.
That statement represents NEA’s view as an investor rather than an independent assessment of the entire industry.
Still, the size of the Series B reflects growing venture capital interest in companies combining regulated finance with blockchain infrastructure.
Tokenized money-market funds have become one of the most active areas of real-world asset adoption because they offer a relatively straightforward way to bring traditional yield-bearing products onto public blockchains.
Why tokenized cash funds are attracting companies
Corporate cash management is traditionally handled through bank accounts, money-market funds, or short-term government securities.
Tokenized funds attempt to add greater programmability to those products.
Because fund shares exist on blockchain networks, they can potentially be transferred, integrated with APIs, used as collateral, or incorporated into automated treasury systems.
This gives companies more flexibility in how they manage short-term liquidity.
For businesses already using stablecoins or blockchain-based payment systems, tokenized cash products may also provide a more direct connection between operational funds and yield-generating assets.
However, the underlying funds still depend on conventional financial regulation, custody, settlement, and asset management.
Blockchain infrastructure changes how the shares can be represented and used, but it does not eliminate the traditional financial structure underneath them.
Spiko’s next phase will focus on products and geographic expansion
Spiko plans to use the Series B to expand both its product lineup and its geographic reach.
The company intends to build teams in several major European markets while launching additional investment products.
However, Spiko has not yet disclosed which new countries or products will come first.
It has also not provided a specific timetable for introducing continuous hourly yield accrual across all of its cash funds.
Those developments will be important to watch as the company grows beyond its current $2.7 billion asset base.
For now, the new $90 million round gives Spiko additional capital to compete in a rapidly expanding market where traditional asset managers, fintech companies, and blockchain firms are all trying to build infrastructure around tokenized cash and money-market products.
The company’s growth from hundreds of millions of dollars in tokenized assets in 2025 to $2.7 billion in 2026 suggests that institutional and corporate demand for blockchain-based cash-management products is continuing to expand.
