The Paris fintech's Series B, led by NEA, follows a run to more than $2.6 billion in assets under management
A three-year-old Paris startup just raised $90 million to go after one of the most boring, and most lucrative, corners of finance: parking cash.
Spiko, which builds tokenized money market funds, closed a Series B round on October 6, 2026. It now plans to compete more directly with giants like BlackRock in the cash fund business.
The round, the backers, the numbers
New Enterprise Associates (NEA) led the financing. Existing backers Index Ventures and White Star Capital returned, joined by new investors that include Axel Weber, the former president of the Bundesbank.
With this round, Spiko’s total funding since its 2023 founding comes to approximately $120 million. The company says the capital will fuel expansion across Europe and the US, along with new products in tokenized cash and yield.
The jump in scale is notable. Spiko’s Series A in July 2025 was a $22 million raise led by Index Ventures, with angel investors including Revolut’s Nikolay Storonsky.
The more telling number is assets under management. Spiko held $2.6–2.7 billion in AUM as of late September 2026.
That growth came quickly. The firm crossed $1 billion in February 2026, then hit $2 billion in July 2026, adding a billion dollars in roughly five months.
That AUM figure makes Spiko the leading tokenized fund issuer in Europe and a prominent player in the global tokenized fund market.
The news moving money, markets, and the world—before your day starts.
Daily. Free. Join 34,000+ readers across crypto, finance, and policy.
What Spiko actually sells
Spiko takes money market funds and puts the fund shares on public blockchains. Its funds primarily hold Eurozone and US Treasury bills, and they are backed by sovereign T-bills or collateralized swaps.
The tokenized format allows interest to accrue daily. It also lets holders move fund shares on-chain quickly instead of waiting on traditional settlement rails.
Spiko operates under the oversight of the AMF, France’s financial markets regulator. Its funds are UCITS-compliant, which means they follow the EU’s standard rulebook for retail-accessible investment funds.
On the technical side, the company issues across multiple blockchains. Stellar is a notable one, alongside Ethereum and others, supporting custodial setups and fast transfers between parties.
The stablecoin connection
The most direct crypto angle arrived in October 2026, when Spiko announced a partnership with Fipto.
The deal lets investors move money straight from stablecoin balances, specifically EURC and USDC, into Spiko’s funds. That access runs through platforms like Coinhouse.
Why the timing works
Spiko is targeting what it describes as a cash yield gap between Europe and the US. American businesses have long had easy access to money market products. European companies, especially smaller ones, have often had fewer convenient options.
Spiko pitches its funds as a treasury tool for businesses and SMEs. The idea is that a mid-sized company could earn yield on surplus cash with daily accrual and quick liquidity, without the paperwork of a traditional institutional setup.
What this means for the tokenized fund race
The investor lineup tells its own story. NEA leading, Index Ventures doubling down after its Series A, and a former Bundesbank president joining all point to growing comfort with tokenized funds among both venture capital and traditional finance figures.
Spiko is explicitly positioning against BlackRock and other sector heavyweights. Spiko’s edge, if it holds, lies in being native to the infrastructure, having built for public blockchains from day one under a European regulatory regime, while incumbents are adapting legacy products.