Spiko raises $90 million as tokenised cash funds reach $2.7 billion

Spiko has raised $90 million in a Series B led by New Enterprise Associates (NEA), taking total funding to $120 million. The Paris and London company says assets under management in its tokenised cash funds have reached $2.7 billion. The financing comes as the business expands products designed to let organisations allocate cash under preset rules.

How did Spiko start building its funds?

Spiko was founded in 2023 by Paul-Adrien Hyppolite and Antoine Michon. Hyppolite previously served as deputy head of the financial markets division at the French Treasury, while Michon was a technology adviser to the French government. The company develops regulated cash funds, offering products with intraday liquidity as well as fixed terms. It raised a $22 million Series A led by Index Ventures in July 2025, when Index said assets under management stood at $400 million.

Who uses the funds and how?

Spiko says more than 10,000 businesses and individuals use its funds across over 25 jurisdictions. Customers include startups, scale-ups, research institutes, public institutions, VC funds and medical practices. Users can access the products through a desktop and mobile app, while financial platforms and other companies can integrate them through an API. The funds are available in euros, dollars, sterling and Swiss francs, according to the source material.

What changed with this financing?

New Enterprise Associates led the $90 million Series B, and Index Ventures was among the participating investors. Other participants named in the source include Bpifrance, Speedinvest, Flourish Ventures, Shapers and White Star Capital. Blockwall, Frst, EQNX, Mirana Ventures and Wintermute Ventures also took part, alongside angel investors Axel Weber and the founders of Qonto. Spiko said the funding brings total funding to $120 million; the source does not disclose the valuation or detailed terms.

How does the cash product work?

Spiko issues funds onchain, using infrastructure also associated with stablecoins and smart contracts. A business can set rules to retain enough cash in its operating account for payroll and supplier payments, while placing remaining balances in a fund. Money not needed for a quarter can be directed to a fixed-term product, which the company says offers a higher rate. Its API allows a treasury management system or an AI agent to adjust those rules.

What remains to be clarified?

The source says the funds currently offer instant withdrawals, while hourly accumulation of yield is planned for the future. It does not provide a launch date for that feature or disclose the Series B valuation. Spiko Finance is described on its website as licensed by France’s Prudential Control and Resolution Authority (ACPR), with client money held by CACEIS Bank, part of Crédit Agricole. The company’s next disclosures may clarify how the new capital will be used and whether its reported growth continues.