Spiko, the London and Paris-based FinTech behind a platform for tokenised money market funds, has raised $90m in a Series B round as it looks to expand access to yield-generating cash products.
New Enterprise Associates (NEA) led the round, with participation from Index Ventures, Bpifrance, Speedinvest, Flourish Ventures, Shapers, White Star Capital, Blockwall, Frst, EQNX, Mirana Ventures and Wintermute Ventures. Several angel investors also joined the round, including former Bundesbank president Axel Weber and the founders of Qonto. The latest funding takes Spiko’s total capital raised to $120m.
Spiko is targeting the roughly $50tn held in cash and deposits across Europe and the US, arguing that a significant portion generates little or no return for its owners. The company says banks and large institutions can access wholesale markets to generate returns on cash, while entrepreneurs, smaller businesses, nonprofits and smaller financial institutions often lack the same access.
Money market funds provide an established route to earning returns on cash, but Spiko argues that adoption outside the US remains limited. The company also believes traditional money market infrastructure is poorly suited to an environment where payments and treasury operations increasingly run around the clock through software and AI agents. Spiko’s funds already support instant withdrawals, with the company planning to introduce yield that accrues every hour of every day.
Spiko issues and distributes its own range of regulated cash funds, covering products designed for intraday liquidity through to fixed-term options in euros, US dollars, sterling and Swiss francs. Customers can access the funds through Spiko’s desktop and mobile applications, while financial platforms can integrate the products through an API. Its customer base includes startups, scale-ups, research institutes, public bodies, venture capital funds and medical practices.
Spiko issues its funds onchain, allowing them to use infrastructure associated with stablecoins and smart contracts to make cash programmable. Finance teams can set rules to keep sufficient funds available for payroll and supplier payments, automatically move surplus cash into an accessible fund and allocate longer-term balances to higher-yielding fixed-term products. Spiko then executes those instructions continuously, while treasury management systems and AI agents can modify them through the company’s API.
Spiko will use the new funding to launch additional products, expand into new markets and grow its team. It is building local teams in Germany, Italy, Spain, the Netherlands and the Nordics.
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 added, “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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