Key Insights
- Spiko has moved from a niche tokenization model toward broader corporate cash management.
- Its $2.7 billion asset base puts regulated blockchain funds into closer competition with major asset managers.
- European expansion could determine whether tokenized cash becomes a mainstream treasury product.
Spiko raised $90 million in a Series B round led by New Enterprise Associates on October 6. The financing brings total funding to $120 million as its tokenized cash funds reach $2.7 billion across more than 25 jurisdictions.
The London- and Paris-based company will use the new capital to launch funds, enter additional markets and expand its European workforce. Index Ventures, Bpifrance, Speedinvest, Flourish Ventures, Shapers, White Star Capital, Blockwall, Frst, EQNX, Mirana Ventures and Wintermute Ventures joined the round.
Former Bundesbank President Axel Weber and the founders of Qonto also participated as angel investors. The financing comes as demand grows for regulated investment products that place traditional cash assets on public blockchains.
Funding accelerates Spiko’s European expansion
Spiko said its assets under management increased more than fivefold during the past year. More than 10,000 businesses and individuals now use its funds directly or through financial platforms.
The company plans to establish local teams in Germany, Italy, Spain, the Netherlands and Nordic markets. Those teams will support distribution, compliance and further product development as the company expands across Europe.
We’ve raised a $90M Series B led by @NEA to make cash earn for everyone, around the clock.
$50T of cash in Europe and the US earns next to nothing. Every point of missed yield costs $500B a year.
10,000+ users now hold nearly $3B in Spiko funds, up 15%+ a month.
Next: interest… pic.twitter.com/iy8INBXQMe
— Spiko (@Spiko_finance) October 6, 2026
Spiko offers cash funds in euros, U.S. Dollars, British pounds and Swiss francs. Customers can use desktop and mobile apps to access those funds and other financial platforms can connect by using an API.
Spiko’s customers include startups, technology firms, research institutes, venture capital funds, public bodies and medical practices. Spiko targets cash that businesses need for day‑to‑day operations but do not need away. The new funding helps Spiko grow in places and expand its product line.
Tokenized funds aim at corporate cash.
Spiko issues fund shares as tokens on blockchains. The underlying funds stay under financial regulation. Spiko keeps ownership records on blockchain networks using the infrastructure that powers stablecoins and smart contracts. I find the use of blockchain, for ownership records innovative.
In 2024 Spiko launched its dollar and euro Treasury‑bill funds. Depending on the structure of the fund, its regulated UCITS funds invest in government bills or in a collateralised swap.
Soon Spiko further extended its blockchain plan by connecting to other monetary networks and platforms. To enable the transfer of tokenized fund shares across the supported blockchains, its Chainlink CCIP integration helped make it possible.
The firm also provided services to Morpho and Société Générale-Forge to enable eligible investors to pledge their EUTBL and USTBL shares as collateral. This setup enables investors to liquidate their money-market funds without having to sell out their stablecoins.
Its relationship with Amundi further boosted the growth. The Spiko Amundi Overnight Swap Fund, introduced in March, provides exposure on four currencies and in line with the relevant overnight rates.
It expanded its operations even further with its Amundi alliance. The Spiko Amundi Overnight Swap Fund was created in March and provides exposure in four different currencies and follows the overnight rates relevant to the four currencies.
By July, SAFO had exceeded $1 billion in assets and attracted more than 6,500 users. Spiko later extended the fund to Solana as part of its multichain strategy.
Growth intensifies competition in tokenized cash
Spiko now claims the largest position among tokenized cash fund issuers, based on RWA.xyz data. The company says its combined assets exceed comparable offerings from BlackRock and Franklin Templeton.
That comparison covers tokenized cash funds rather than the firms’ total assets under management. BlackRock and Franklin Templeton remain major participants in blockchain-based money-market products.
BlackRock expanded its tokenized fund lineup during August with products holding cash and short-term Treasury assets. Franklin Templeton has also broadened institutional uses for its BENJI tokenized fund.
For Spiko, the competition extends beyond asset growth. The company wants tokenized funds to function as programmable treasury tools rather than simple investment products.
Businesses can set cash–management rules through its API and direct excess balances toward investment products. Businesses can also keep liquidity, for payroll, suppliers and other operating costs.
Spiko targets continuous yield for cash
Spiko’s next phase centers on additional fund launches, market expansion and recruitment. The company also plans to develop continuous hourly yield accrual across its cash products.
Its current products do not yet provide that feature universally. Withdrawal arrangements also differ between funds and currencies, with some euro products supporting instant SEPA transfers.
The company’s longer-term objective involves making cash productive throughout the day rather than only during traditional financial-market hours. That approach targets companies operating across weekends, different time zones and automated financial systems.
The Series B gives Spiko significant capital to pursue those goals. However, the company has not disclosed which new funds will launch first or when continuous hourly accrual will become available.
Conclusion
Spiko’s assets are now $2.7 billion, total funding is $120 million, and it has entered its next stage of growth. Its approach is a blend of regulated cash funds and blockchain-based ownership and automated treasury management.
Today, the company is confronted with more powerful rivals and is growing in the main financial markets of Europe. Its product launch and ability to provide access to cash through tokens in a wider range of ways will affect its role in the fast-growing tokenized cash market.
