Spiko, an issuer of tokenised cash funds, has secured $90m in a Series B round as it looks to give businesses of all sizes access to yield on idle money.
New Enterprise Associates (NEA) led the investment, joined by Index Ventures, Bpifrance, Speedinvest, Flourish Ventures, Shapers, White Star Capital, Blockwall, Frst, EQNX, Mirana Ventures and Wintermute Ventures. A number of high-profile angel investors also took part, among them Axel Weber, who previously served as president of the Bundesbank, along with the founders of Qonto. The latest raise lifts the total capital Spiko has secured to $120m.
The company will direct the fresh capital towards three priorities: rolling out additional funds, expanding into new markets and increasing its headcount. Alongside its London and Paris hubs, Spiko is assembling local teams in Germany, Italy, Spain, the Netherlands and the Nordics.
According to the firm, roughly $50tn sits in cash and deposits across Europe and the US, with the majority generating minimal or no returns. With central bank rates spanning approximately 2.5% in the eurozone to nearly 4% in the US, each percentage point of yield on that pool equates to $500bn annually. While banks and major institutions capture these returns through wholesale markets, smaller firms, entrepreneurs, non-profits and smaller financial institutions typically miss out.
Although money market funds have long offered a route to returns on cash, Spiko notes they have never achieved mainstream adoption beyond the US. The company builds its own suite of regulated cash funds, ranging from intraday liquidity products to term offerings, available in euros, dollars, sterling and Swiss francs. Businesses can use them through desktop and mobile apps, while other companies and financial platforms can integrate them into their own services via an API. Its client base spans startups, scale-ups, research institutes, public bodies, VC funds and medical practices.
Because its funds are issued onchain, Spiko says it has overtaken BlackRock and Franklin Templeton to become the largest tokenised cash fund issuer.
The company now manages $2.7bn in assets across four currencies and several public blockchains, having grown AUM more than fivefold over the last year. Over 10,000 businesses and individuals in more than 25 jurisdictions use its services.
Spiko co-founder and CEO Paul-Adrien Hyppolite said, “Every person and every organization holds cash, yet whether it earns anything still depends on who you are and how much you have. Yield should be universal. Our ambition is to make all cash earn by default, around the clock.”
NEA managing director and head of Europe Philip Chopin said, “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. Paul-Adrien and Antoine are building the default home for cash. Money market funds are where trust is earned, and the same model extends naturally to new markets and new products.”
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