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Spiko raises $90M to expand tokenized cash funds

Spiko raises $90M to expand tokenized cash funds

Money Moves

London and Paris startup manages $2.7 billion, the most of any tokenized cash fund issuer

Yesterday: Spiko raises $90 million Series B

Overview

Updated Yesterday

Spiko, a London and Paris-based startup that issues tokenized cash funds, raised $90 million in a Series B led by New Enterprise Associates. The round brings total funding to $120 million and values the company at $800 million.

Spiko manages $2.7 billion for more than 10,000 businesses and individuals across 25 jurisdictions. That makes it the largest issuer of tokenized cash funds, ahead of BlackRock and Franklin Templeton, according to RWA.xyz data.

Why it matters

Tokenized cash funds let businesses earn yield on idle cash around the clock. Spiko's lead shows this market is moving beyond experiments.

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Key Indicators

$2.7B
Assets under management
Up more than fivefold in 12 months, per Spiko's announcement.
$90M
Series B round size
Led by New Enterprise Associates with participation from Index Ventures, Bpifrance, Speedinvest, and others.
$120M
Total funding to date
Includes the Series B and earlier rounds since Spiko's 2023 founding.
10,000+
Businesses and individuals using Spiko
Across more than 25 jurisdictions, directly or through platforms that embed its funds.
$800M
Company valuation
Reported by Bloomberg following the Series B.

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People Involved

Organizations Involved

Timeline

2023 October 2026

6 events Latest: Yesterday
Tap a bar to jump to that date
  1. Spiko raises $90 million Series B

    Latest Funding

    NEA leads the round, bringing total funding to $120 million at an $800 million valuation.

  2. Smart Cash fund launches with Amundi

    Product Launch

    Spiko Amundi Overnight Swap Fund reaches nearly $400 million in three weeks.

  3. Spiko passes $1 billion AUM

    Milestone

    Company crosses $1 billion in assets under management for the first time.

  4. Spiko hits $400 million AUM

    Milestone

    Company reports $400 million in assets with a 9-person team.

  5. Memo Bank integrates Spiko

    Partnership

    Customers allocate over €35 million through the banking platform within two weeks.

  6. Spiko founded

    Founding

    Paul-Adrien Hyppolite and Antoine Michon found Spiko in London and Paris.

Scenarios

1

Spiko extends lead as tokenized cash funds go mainstream

Likely Resolves by Oct 6, 2027

Discussed by: RWA.xyz data and industry analysts

Spiko uses the $90 million to launch new funds, expand across Germany, Italy, Spain, the Netherlands, and the Nordics, and roll out hourly interest accrual. Its API-first model lets banks and fintechs embed its funds, compounding growth through distribution partners like Memo Bank.

2

BlackRock and Franklin Templeton reclaim the lead

Possible Resolves by Oct 6, 2027

Discussed by: Bloomberg and crypto market analysts

Traditional asset managers scale their tokenized funds using existing distribution networks and brand trust. BlackRock's BUIDL, tokenized by Securitize, is the main challenger to Spiko's lead.

3

Regulators tighten rules on tokenized fund registries

Possible Resolves by Oct 6, 2027

Discussed by: Legal and compliance analysts

European or US securities regulators impose new requirements on blockchain-based share registries, raising compliance costs and slowing Spiko's growth. The company's UCITS structure and public blockchain registry could draw scrutiny.

Historical Context

2 moments from history that rhyme with this story — and how they unfolded.

March 2024

BlackRock's BUIDL launch (2024)

BlackRock launched BUIDL, a tokenized money market fund on Ethereum, administered by Securitize. It became the benchmark for tokenized funds.

Then

BUIDL attracted significant institutional assets, validating tokenized funds as a product category.

Now

It set the competitive benchmark that Spiko and other issuers now measure against.

Why this matters now

BUIDL is Spiko's main competitor. Spiko's SAFO fund grew faster in its first three weeks than BUIDL did, per RWA.xyz data.

2021

Franklin Templeton's tokenized money market fund (2021)

Franklin Templeton launched the first tokenized US money market fund on a public blockchain, pioneering the model Spiko now leads.

Then

The fund grew steadily but remained small for years.

Now

It proved blockchain-based fund registries work, paving the way for later entrants.

Why this matters now

Franklin Templeton is one of the incumbents Spiko now ranks ahead of in tokenized fund assets.

Sources

(11)