Analysis
Paris-based Spiko has raised a $90 million Series B led by New Enterprise Associates, according to Pulse2.com, bringing its total funding to $120 million just months after its prior round.
The company runs a platform offering tokenized cash funds across euros, dollars, sterling and Swiss francs on multiple blockchains, and already manages roughly $2.7 billion in assets for more than 10,000 businesses and individuals across 25-plus jurisdictions.
The pitch: yield on idle cash, by default
CEO Paul-Adrien Hyppolite frames the problem simply: "Yield should be universal. Our ambition is to make all cash earn by default, around the clock." That's a direct shot at traditional banking relationships, where corporate operating cash often sits in low- or zero-yield accounts while money-market fund access requires minimums and paperwork that smaller businesses rarely clear. Spiko's tokenized structure lets a business move idle euros or dollars into a yield-bearing fund and back out again without the settlement lag of a traditional MMF redemption.
The round drew a notable investor list beyond NEA: Index Ventures, Bpifrance, Speedinvest and Flourish Ventures all participated, alongside individual backers including former Bundesbank president Axel Weber and the founders of Qonto, Europe's neobank for businesses. That roster signals credibility with both the fintech-infrastructure crowd and figures who spent careers inside the institutions Spiko is now routing around.
Spiko isn't alone chasing the tokenized-treasury thesis. In the US, Ondo Finance and Superstate are building comparable tokenized money-market products, and BlackRock's BUIDL fund has already proven institutional demand for on-chain treasury exposure exists at scale. Spiko's bet is that European multi-currency coverage -- particularly euro and sterling products -- is underserved by US-centric competitors still focused mainly on dollar-denominated funds.
However, tokenized cash products carry a risk that doesn't show up in an AUM headline: stickiness. $2.7 billion sounds substantial, but money-market-adjacent products are, by design, the most liquid instrument a treasurer holds -- if a competitor offers marginally better yield or a bank relationship offers better service, that capital can leave as fast as it arrived. Spiko's 10,000-plus user count matters more than the AUM figure for judging whether this is durable infrastructure or yield-chasing capital that rotates with rates.
For founders building adjacent fintech infrastructure, Spiko's round is a data point that European regulators and institutional LPs are now comfortable enough with tokenized fund structures to back a $120 million cap table. For LPs, the comparable-deal benchmark is whether Spiko's revenue take rate on $2.7B in AUM justifies a follow-on round at a materially higher valuation than this one implies.