Spiko raises $90M Series B led by NEA to expand tokenized cash funds

French tokenized-cash-fund issuer Spiko closed a $90 million Series B led by New Enterprise Associates (NEA), bringing total funding to $120 million and the firm's assets under management to $2.7 billion, per The Block and the Paris-based desk Cryptoast.

The round

• Size: $90M, Series B.
• Lead: New Enterprise Associates.
• Participants: Index Ventures (which led the prior Series A in July 2025), Bpifrance, Speedinvest, Flourish Ventures, Wintermute Ventures.
• Angels: former Bundesbank president Axel Weber, the founders of French neobank Qonto.
• Total funding to date: $120M.

The business

Spiko operates regulated money-market funds denominated in euro, US dollar, sterling and Swiss franc. The novelty is the wrapper: fund shares are issued as on-chain tokens on public blockchains, letting counterparties hold yield-bearing cash positions inside the same operational tooling they use for stablecoins. The product sells itself to treasurers as programmable cash — API-settled, same-day liquidity, daily accrual.

Numbers block:

• AUM: $2.7B.
• AUM growth: from ~$400M in January 2026 (when Spiko received AMF/ACPR approval for its MMF range) to $2.7B by October — ~6.75x in nine months.
• Clients: more than 10,000 businesses and individuals across 25+ jurisdictions.
• Addressable pool cited by Spiko: ~$50 trillion of cash sitting in Europe and the US at near-zero yield. Each 1 percentage point of yield earned on that stock, per the company, is ~$500B/year.

Co-founder and CEO Paul-Adrien Hyppolite: "Our ambition is that all cash generates returns by default, 24 hours a day." Hyppolite and co-founder Antoine Michon are both former French government economic advisors.

Spiko claims its tokenized MMF range is now larger than BlackRock's BUIDL and Franklin Templeton's FOBXX by AUM — a defensible headline within the tokenized MMF slice specifically. BlackRock's BUIDL, by comparison, is a single fund with ~$2.5B as of recent RWA.xyz readings; Franklin's OnChain fund is smaller. In the broader on-chain Treasuries category, Ondo's OUSG and Hashnote's USYC remain the volume leaders.

What the capital funds

Per the company, three uses:

1. New fund launches — additional denominations and tenor variants on top of the existing four-currency range.
2. Geographic expansion — local operations in Germany, Italy, Spain, the Netherlands and the Nordics; US entry framed as a next step.
3. Team expansion and the API/integration layer that lets treasurers and fintechs wire the funds into their own stacks.

Context

The tokenized-cash-fund category has consolidated around four or five issuers in 18 months. BlackRock (BUIDL, launched March 2024, Ethereum then multi-chain), Franklin Templeton (FOBXX / BENJI, Stellar + Polygon), Ondo (OUSG, EVM), Hashnote (USYC, EVM), and now the European MMF-regulated specialist, Spiko. The regulatory posture differs: BUIDL is a US private fund restricted to qualified purchasers; Spiko's European MMFs are open to a broader institutional and SME base under AMF/ACPR supervision.

The round also tracks a broader move: French and German fintechs raising at tokenization-labeled valuations without having to anchor the pitch to a crypto thesis. Index Ventures' second Spiko check, following the $22M Series A in July 2025, is the sharpest signal that European LPs are now comfortable backing MMF plumbing on public chains.

What to watch

1. A US fund. Spiko has not registered a US-denominated MMF under US rules. Series B capital gives them the runway; the regulatory path (40 Act MMF vs private fund) is the open question.
2. Smart-account integrations. The "programmable cash" pitch is thin until Spiko shares concrete integrations with ERC-4626 vault wrappers and permit-style flows. Watch the API documentation.
3. BlackRock BUIDL and Franklin OnChain reactions. Both have the brand and distribution to add additional currencies if they want to defend the slice. Neither has publicly signalled a non-USD denomination yet.
4. AUM composition. $2.7B grew fast; the share of it that is one or two large clients vs. a wide base of SME treasurers is the resilience question for the next tightening cycle.