Spiko, a tokenized cash fund leader based in London and Paris, has raised a US$90 million Series B round led by New Enterprise Associates (NEA). The funding round includes participation from Index Ventures, Bpifrance, Speedinvest, Flourish Ventures, Shapers, White Star Capital, Blockwall, Frst, EQNX, Mirana Ventures, and Wintermute Ventures, along with prominent angels. The investment brings the company's total funding to US$120 million and supports its goal of making yield universal for businesses and individuals.
Addressing a Global Yield Gap
Europe and the United States collectively hold around US$50 trillion in cash and deposits, but most of that capital earns little or nothing. Central bank rates currently range from 2.5% in the euro area to nearly 4% in the United States, meaning each percentage point of yield is worth US$500 billion per year. Yet the businesses and individuals who own the money see almost none of that value, creating what Spiko describes as a class system in access to yield.
Regulated Funds and API Access
Spiko designs its own range of regulated cash funds, covering intraday liquidity, term products, and multiple currencies including euros, dollars, sterling, and Swiss francs. Businesses can access the funds through desktop and mobile applications, while companies and financial platforms can embed them through an API. Clients include startups, scale-ups, research institutes, public institutions, VC funds, and medical practices.
Built for Continuous Money Movement
Traditional money market funds are tied to markets, payments, and accounting systems that operate only during business hours, which does not suit a world of continuous software and AI agents. Spiko offers instant withdrawals today and expects to deliver yield that accrues continuously every hour of every day. This approach is designed for companies with afternoon payments, fintechs managing overnight liquidity, and stablecoin issuers holding reserves around the clock.
Programmable Treasury on Public Blockchains
Spiko issues its funds onchain and now ranks ahead of BlackRock and Franklin Templeton as the largest issuer of tokenized cash funds, according to rwa.xyz data cited by the company. Programmable cash enables a company to automate its entire treasury by setting rules for operating accounts, sweeps, and fixed-term placements. The program executes day and night, and a treasury management system or an AI agent can adjust it through the API.
Investor and Leadership Views
Paul-Adrien Hyppolite, co-founder and CEO of Spiko, said every person and organization holds cash, yet whether it earns anything still depends on who they are and how much they have. He added that yield should be universal and that the company's ambition is to make all cash earn by default around the clock. NEA Managing Director and Head of Europe Philip Chopin said Spiko has solved regulatory and product challenges simultaneously, making it the default home for cash.
Momentum and Expansion Plans
Spiko reports US$2.7 billion in assets under management across regulated cash funds in four currencies and multiple public blockchains, with more than fivefold growth in AUM over the past 12 months. Over 10,000 businesses and individuals across more than 25 jurisdictions currently use Spiko directly or through embedded financial platforms. The company operates from hubs in London and Paris and is building local teams across Germany, Italy, Spain, the Netherlands, and the Nordics.
The new Series B capital will be used to launch new funds, open new markets, and grow Spiko's team. The company, co-founded by Paul-Adrien Hyppolite and Antoine Michon in 2023, has raised US$120 million to date from investors including NEA, Index Ventures, and Nik Storonsky. By combining regulated cash funds with tokenization and APIs, Spiko aims to make yield a default feature of cash for individuals, businesses, and financial platforms worldwide.