Spiko Raises $90M to Turn Idle Cash Into Yield-Bearing Assets

Paris and London-based fintech Spiko has raised $90 million in Series B funding to expand its platform for turning idle corporate and institutional cash into yield-bearing assets.

The round was led by New Enterprise Associates (NEA), with participation from Index Ventures, Bpifrance, Speedinvest, Flourish Ventures, Shapers, White Star Capital, Blockwall, Frst, EQNX, Mirana Ventures, and Wintermute Ventures.

The round also attracted high-profile angel investors, including Axel Weber, former president of the Bundesbank, and the founders of Qonto.

The new financing brings Spiko's total funding to $120 million. The company plans to use the capital to launch additional funds, enter new markets, and expand its team across Europe.

The company's growth comes as more businesses and financial platforms look at tokenised financial assets as a way to make traditional cash-management products more programmable and accessible.

A former French Treasury official wants cash to earn by default

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. Michon previously worked as a technology adviser to the French government and led deployments at Palantir.

The company is co-headquartered in Paris and London.

Their starting point is a simple observation: large institutions already have access to sophisticated wholesale financial markets that allow them to earn returns on excess cash, while smaller businesses and other organisations often leave significant amounts of money sitting in low-yield or non-yielding accounts.

Spiko wants to change that through regulated money market funds issued as tokens on a blockchain.

The company's broader ambition is to make earning yield on cash much more accessible and automatic.

Its products cover different cash-management needs, from intraday liquidity to fixed-term products, and are available in euros, US dollars, sterling, and Swiss francs.

Businesses can access the products through Spiko's desktop and mobile applications. Financial institutions and software platforms can also integrate the products through an API.

From $400M to $2.7B in assets

Spiko's recent growth has been rapid.

The company says more than 10,000 businesses and individuals across more than 25 jurisdictions now use its funds, either directly or through third-party platforms that have integrated them.

Assets under management have grown more than fivefold in the past 12 months to $2.7 billion.

That is a significant increase from the more than $400 million in assets Spiko reported when it raised its $22 million Series A in July 2025.

Index Ventures led that Series A and has returned for the latest financing alongside White Star Capital, Bpifrance, Blockwall, and Frst.

Revolut co-founder and CEO Nik Storonsky is also among Spiko's backers.

The customer base extends beyond traditional financial institutions. Spiko says its users include startups and scale-ups, research institutes, public institutions, venture capital funds, and medical practices.

The company is effectively positioning its products as an alternative cash-management layer that can sit alongside a company's normal banking infrastructure.

The $50 trillion cash opportunity

Spiko estimates that Europe and the United States collectively hold around $50 trillion in cash and deposits.

Its argument is that even a small return on that capital represents a huge economic opportunity.

One percentage point of yield across $50 trillion would amount to $500 billion per year.

The wider money market is already enormous. The Investment Company Institute reported that global money market fund assets reached $13.72 trillion at the end of the second quarter of 2026.

Spiko's $2.7 billion in assets therefore represents only a small portion of the overall market.

That gap is both the opportunity and the challenge.

The company has demonstrated that businesses will use tokenised money market products, but it still needs to scale substantially if it wants to become a major destination for corporate cash.

Making cash programmable

Blockchain is not simply a branding feature in Spiko's model.

The company believes tokenised funds can make cash-management rules programmable.

For example, a finance team could keep enough money in an operating account to cover payroll and supplier payments, automatically move excess cash into a liquid money market fund, and place cash that will not be needed for several months into a fixed-term product.

Those movements can be managed through Spiko's API.

The company also sees AI agents becoming part of the process.

An AI agent acting on behalf of a company's treasury team could potentially use the API to adjust where cash sits according to predefined rules.

That creates a different vision of treasury management.

Instead of finance teams manually checking balances and moving money between accounts, software could continuously monitor cash requirements and allocate excess funds according to a company's liquidity and investment policies.

Spiko says its funds already offer instant withdrawals and that it plans to develop products where yield accrues continuously rather than being constrained by traditional business-hour systems.

NEA sees a broader financial infrastructure play

NEA led the Series B, with Philip Chopin, managing director and head of Europe at the firm, highlighting Spiko's combination of regulated products and technology.

Chopin argues that the company has addressed both the regulatory and product sides of tokenised cash, rather than simply putting an existing financial product onto a blockchain.

NEA has backed a number of technology companies, including Synthesia, VAST Data, and CuspAI.

The firm says it manages more than $38 billion as of June 30, 2026.

For Spiko, the backing provides capital to move beyond its current European footprint.

The company is building local teams across Germany, Italy, Spain, the Netherlands, and the Nordic countries.

The tokenised cash race is getting crowded

Spiko is entering a market where both startups and major financial institutions are experimenting with tokenised cash and securities.

Berlin-based Midas raised $50 million in Series A funding led by RRE Ventures and Creandum in March 2026.

Vilnius-based Axiology raised €5 million in seed funding in February 2026 for tokenised securities under the EU's DLT Pilot Regime.

Theo, founded by former traders from Optiver and IMC Trading, raised $20 million in April 2025 and operates a tokenised US Treasury product called thBILL.

Fnality, meanwhile, raised $95 million in Series B funding led by Goldman Sachs and BNP Paribas in November 2023 for its tokenised cash infrastructure.

The competitive threat extends beyond startups.

BlackRock and Franklin Templeton already operate tokenised funds, giving traditional financial institutions a strong position as blockchain-based financial products become more mainstream.

That makes distribution one of Spiko's biggest challenges.

Its $2.7 billion in assets may have grown quickly, but it remains a tiny fraction of the global money market fund industry.

Can Spiko become the default home for corporate cash?

The new $90 million gives Spiko more time and resources to test its central thesis: that businesses will increasingly want their idle cash to earn yield automatically and that blockchain infrastructure can make this process easier to program.

The company now has more than 10,000 users across 25-plus jurisdictions, $2.7 billion in assets under management, and $120 million in total funding.

The next stage is much harder.

Spiko needs to expand across Europe, launch more products, win more distribution partners, and compete against both specialist startups and global asset managers.

Its biggest opportunity may ultimately sit at the intersection of treasury software, tokenised assets, and AI.

If finance teams allow software and AI agents to decide where excess cash should sit, the cash-management product may become less visible to the user while becoming much more deeply embedded in the financial infrastructure underneath.

The $90 million Series B gives Spiko the capital to find out whether that future can become mainstream.