- Spiko has raised $90 million in a Series B led by NEA, taking total funding to $120 million.
- Its tokenised cash funds hold $2.7 billion, up more than fivefold in 12 months.
- Spiko’s funds are used by 10,000+ businesses and individuals in more than 25 jurisdictions.
Europe and the United States hold around $50 trillion in cash and deposits, according to Spiko, and most of it earns little or nothing. A former French Treasury official has raised $90 million to change that.
Spiko, which issues money market funds as tokens on a blockchain, announced the Series B. 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. Angels include Axel Weber, former president of the Bundesbank, and the founders of Qonto. The round takes total funding to $120 million.
“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,” said Paul-Adrien Hyppolite, co-founder and CEO of Spiko.
A French Treasury veteran sells cash management by app and API
Hyppolite, a former Deputy Head of the Financial Markets division at the French Treasury, founded Spiko in 2023 with Antoine Michon, a former technology adviser to the French government who previously led deployments at Palantir. The company is co-headquartered in London and Paris.
Its pitch is that banks and large institutions earn yield on cash every day through the wholesale financial system, while everyone else, from small businesses to nonprofits, holds money that earns nothing by default. Spiko calls that “a class system.” Money market funds have existed for decades, it argues, but outside the United States they have never gone mainstream.
Spiko designs its own regulated cash funds, from intraday liquidity to term products, in euros, dollars, sterling, and Swiss francs. Businesses use them through a desktop and mobile app, and any company or financial platform can embed them through an API. Clients include startups and scale-ups, research institutes, public institutions, venture capital funds, and medical practices. At the Series A, its main funds held Treasury bills from major euro-area governments or the US Treasury, according to Index Ventures.
More than 10,000 businesses and individuals in over 25 jurisdictions use the funds, directly or through platforms that embed them. Assets under management have grown more than fivefold in 12 months to $2.7 billion. When Spiko raised its $22 million Series A in July 2025, led by Index Ventures, it reported more than $400 million in assets. Index, White Star Capital, Bpifrance, Blockwall, and Frst backed that round and returned for this one. Nik Storonsky, co-founder and CEO of Revolut, is also a backer.
The $500 billion question and the AI agent pitch
Spiko’s own arithmetic is that every percentage point of yield on that $50 trillion is worth $500 billion a year. The wider market is already vast. The Investment Company Institute reported that money market fund assets worldwide reached $13.72 trillion at the end of the second quarter of 2026, up 1.8% on the previous quarter and 14% of all regulated open-end fund assets. Spiko’s $2.7 billion is about 0.02% of that pool.
The second argument is timing. Money market funds were designed around markets, payments, and accounting systems that run in business hours, Spiko says. Its funds offer instant withdrawals today, and it plans yield that accrues continuously, every hour of every day.
Because the funds are issued on a blockchain, cash becomes programmable. A finance team can keep enough in the operating account for payroll and supplier payments, sweep the rest into a fund it can draw on at any time, and put cash it will not need for a quarter into a fixed-term fund at a higher rate. Spiko runs those rules, and the company’s treasury management system, or an AI agent acting for it, can change them through the API.
“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,” said Philip Chopin, managing director and head of Europe at NEA.
Chopin, who is based in London, has led NEA investments in Synthesia, VAST Data, and CuspAI, according to NEA’s website. NEA, founded in 1977, says it manages more than $38 billion as of June 30, 2026.
A crowded race, and a ranking worth checking
Spiko is not the only startup chasing tokenised money. Berlin-based Midas raised a $50 million Series A led by RRE Ventures and Creandum in March 2026. Vilnius-based Axiology raised €5 million in seed funding in February 2026 for tokenised securities under the EU’s DLT Pilot Regime. Theo, founded by former quant traders from Optiver and IMC Trading, announced a $20 million raise in April 2025 and runs a tokenised US Treasury product called thBILL. In the UK, Fnality secured a $95 million Series B led by Goldman Sachs and BNP Paribas in November 2023 for its tokenised cash.
The new funding will go into launching new funds, opening new markets, and growing the team. Spiko is building local teams across Europe, including in Germany, Italy, Spain, the Netherlands, and the Nordics.
Chopin argues that solving regulation and product at the same time is what sets Spiko apart. The harder question is distribution. BlackRock and Franklin Templeton already run tokenised funds of their own, and Spiko’s $2.7 billion is a sliver of the pool it is trying to reach.
The $90 million buys time to find out whether businesses, and the software acting for them, will route cash to Spiko by default.
