Spiko, the Paris and London issuer of tokenized money market funds, closed a $90 million Series B on 6 October 2026, with New Enterprise Associates leading the round. The Spiko Series B brings total funding to $120 million. According to the company’s release, Spiko manages $2.7 billion for more than 10,000 businesses and individuals in over 25 jurisdictions, and its assets have grown more than fivefold in 12 months.

Who backed the Spiko Series B

NEA led the Spiko Series B. Wintermute Ventures, Mirana Ventures, EQNX, Frst, Blockwall, White Star Capital, Shapers, Flourish Ventures, Speedinvest, Bpifrance and Index Ventures also took part. The angels include Axel Weber, the former Bundesbank president, and the founders of Qonto, the French business banking app. Revolut co-founder and CEO Nik Storonsky is listed among Spiko’s existing investors.

The cap table leans heavily on people who know regulators. Bpifrance is the French state investment bank, and Weber ran Germany’s central bank. A company issuing regulated funds onchain wants backers who know how supervisors think, and Spiko’s founders come from the same world. CEO Paul-Adrien Hyppolite was deputy head of financial markets at the French Treasury. Co-founder Antoine Michon advised the French government on technology and earlier led deployments at Palantir. They founded the company in 2023.

What Spiko actually sells

Spiko designs and runs its own regulated cash funds, from intraday liquidity products to term funds, in euros, dollars, sterling and Swiss francs. Businesses use them through a desktop and mobile app. Any company or financial platform can also embed them through an API, which matters more for growth. Clients include startups, research institutes, public institutions, venture funds and medical practices.

The funds are issued on public blockchains, and Spiko’s argument is that this makes cash programmable. A finance team sets rules once, for example holding enough cash in the operating account to cover payroll and moving the rest into a fund. Spiko then runs those rules around the clock, and a treasury management system or an AI agent can change them through the API. Spiko says withdrawals are already instant, and that yield accruing continuously, hour by hour, is “soon” to come.

The Spiko Series B money goes to three things: new funds, new markets and more staff. Spiko says it is building local teams in the Nordics, the Netherlands, Spain, Italy and Germany.

Fintechbits analysis

Why the Spiko Series B is a bet on distribution

Tokenization gets most of the attention in Spiko’s pitch, though the business depends on something more ordinary. Money market funds have existed for decades. As Spiko’s own release notes, they never became a mainstream cash product outside the United States. My read is that European banks had little reason to push them and small firms had no simple way to buy them. What Spiko sells, in practice, is distribution. If a business bank, a payroll provider or a spend management platform embeds a Spiko fund, its customers earn a money market yield without opening a brokerage account.

That is why the Qonto founders in the Spiko Series B matter more than they might seem to. European business banks and neobanks pay their customers little interest on balances, and each one that embeds Spiko gives it a new channel. The same setup also limits it. A platform that sends customer cash into Spiko gives up some of the deposit income it would otherwise keep, so the platforms most likely to sign up are those without a banking licence, which earn little on deposits anyway. For readers comparing this with stablecoins, which cannot pay holders interest in the EU, Fintechbits has an explainer on stablecoins that sets out the difference.

The claim in the Spiko Series B release to verify

Spiko says it is now the largest issuer of tokenized cash funds, ahead of BlackRock and Franklin Templeton, citing the rwa.xyz platform rankings. That claim depends on how rwa.xyz defines the category and on when you check. Tokenized fund balances move quickly as large holders put money in or take it out, and a single institutional subscription can change the order. It is fair to say Spiko is among the largest issuers, but any claim to be the leader should come with the date it was checked.

The growth figure also needs context. Fivefold asset growth in 12 months is impressive, but $2.7 billion is still small next to Europe’s money market fund industry, and the Spiko Series B valuation was not disclosed, so there is no way to judge what investors paid for that growth. Large asset managers are also moving into the same space. WisdomTree, for example, has started offering a tokenized money market fund to retail users through MoonPay, as Fintechbits covered.

What to Watch Next After the Spiko Series B

Watch for the first large European platform that embeds Spiko’s funds by default for its customers, as opposed to offering them as an opt-in feature. That would show whether the distribution strategy works at scale. The other date that matters is the launch of continuously accruing yield, which Spiko says is coming soon. Once the Spiko Series B money is spent on new markets, the company’s assets under management on rwa.xyz in mid-2027 will show whether the fivefold growth can continue.

Questions and answers

How much did Spiko raise in its Series B?

Spiko raised $90 million in a Series B led by NEA, announced on 6 October 2026, bringing its total funding to $120 million.

What does Spiko do?

Spiko runs regulated cash funds, issued on public blockchains, in euros, dollars, sterling and Swiss francs. Businesses use them through Spiko’s app, and other platforms can embed them through an API.

How big is Spiko?

Spiko says it manages $2.7 billion for more than 10,000 businesses and individuals in over 25 jurisdictions.