Spiko, a tokenised cash fund startup based in London & Paris, has raised £70 million in a Series B round led by New Enterprise Associates (NEA), with participation from Index Ventures, Bpifrance, Speedinvest, Flourish Ventures, Shapers, White Star Capital, Blockwall, Frst, EQNX, Mirana Ventures, Wintermute Ventures, and prominent angels including Axel Weber and the founders of Qonto. The round brings Spiko’s total funding to $120 million. Spiko operates from hubs in London and Paris and is building local teams across Europe, including in Germany, Italy, Spain, the Netherlands, and the Nordics.
Spiko designs its own range of regulated cash funds, from intraday liquidity to term products, and issues them onchain across multiple public blockchains. Businesses access these funds through a desktop and mobile app, and any company or financial platform can embed them into its own product via an API. Clients include startups and scale-ups, research institutes, public institutions, VC funds, and medical practices, with funds available in euros, dollars, sterling, and Swiss francs. More than 10,000 businesses and individuals in over 25 jurisdictions use Spiko, with $2.7 billion in assets under management across its funds and more than fivefold growth in AUM over the past 12 months.
Spiko targets a global cash and deposits pool of around $50 trillion in Europe and the United States, where most balances earn little or no yield despite central bank rates ranging from 2.5% in the euro area to close to 4% in the United States. Banks and large institutions capture most of this yield through the wholesale financial system, while entrepreneurs, small businesses, nonprofits, and smaller financial institutions typically hold non-interest-bearing cash. Spiko was founded to address this gap by making yield accessible and aiming for cash to earn by default, around the clock.
Spiko positions programmable, onchain cash as a way to automate treasury. A finance team can set rules to keep enough in an operating account for payroll and suppliers, sweep excess into an instantly accessible fund, and place surplus cash into fixed-term funds at higher rates. Spiko executes these rules continuously, and a treasury management system or AI agent can adjust them via API. The new funding will go into three areas: launching new funds, opening new markets, and growing the team.
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.
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.
