Spiko Raises $90M Series B for Tokenized Cash Funds

Spiko, a trailblazer in digital treasury solutions, has successfully closed a $90 million Series B funding round. The financing was led by NEA, with significant participation from existing investor Index Ventures. This substantial capital infusion underscores the growing demand for innovative approaches to cash management, particularly for small and medium-sized businesses (SMBs) historically underserved by traditional financial products.

The company, co-headquartered in London and Paris, specializes in issuing tokenized cash funds, offering institutional-grade yield opportunities on corporate deposits. Unlike conventional methods that often tie up cash in low-interest bank accounts, Spiko leverages a modern software and API-driven platform to provide greater accessibility and programmability. This approach aims to make treasury products as fluid and integrated into daily operations as standard operating cash.

Spiko's innovative model addresses a critical gap in the market, especially outside the United States, where corporate treasury functions are heavily reliant on banks with limited incentives to offer higher yields. The firm's technology reconstructs the ownership layer of fund management by utilizing an onchain shareholder register. Each token represents a share in a regulated money market fund, providing near real-time ownership visibility and enabling programmable transfers, all while underlying securities remain within established regulatory frameworks and custodial arrangements.

The company's rapid growth is a testament to its effective strategy. Since launching its initial products in 2024, Spiko has amassed over 10,000 customers and now manages more than $2.7 billion in assets across four currencies. Assets under management have surged more than fivefold in the past year, positioning Spiko as the preeminent global issuer of tokenized cash funds. This expansion highlights a tangible demand for tokenized assets that solve existing financial pain points for everyday businesses, rather than solely catering to onchain capital pools.

The leadership team, including co-founders Paul-Adrien Hyppolite and Antoine Michon, brings a wealth of experience from public service and technology sectors, including backgrounds at the French Treasury and Palantir. This expertise, combined with CTO Samuel Briole's engineering prowess, has been instrumental in navigating regulatory complexities and forging key financial partnerships. Their vision is to democratize yield, making it a universal benefit for all cash holdings.

This funding round is expected to accelerate Spiko's product development and market expansion, further solidifying its position in the rapidly evolving fintech and blockchain sectors. The company's success demonstrates the potential for tokenization to deliver tangible economic value by enhancing efficiency and accessibility in financial services. By abstracting away complex legacy infrastructure, Spiko empowers businesses, from startups to medical practices, to optimize their cash management strategies.