Paris- and London-based Spiko raises nearly €80 million to help businesses and individuals put idle cash to work

Spiko, a tokenised cash fund platform with headquarters in Paris and London, has raised €80.03 million ($90 million) in a Series B funding round. The round follows an €18.9 million Series A in July 2025, bringing its total funding raised to date to roughly €106.7 million ($120 million).

The round was led by New Enterprise Associates (NEA), a global venture capital firm with more than €33.78 billion ($38 billion) in assets under management. The round also saw the return of existing investors Index Ventures, Speedinvest, and White Star Capital, alongside a broader group that includes Bpifrance, Flourish Ventures, Shapers, Blockwall, Frst, EQNX, Mirana Ventures, and Wintermute Ventures. Notable angels, including Axel Weber, former president of the Bundesbank, and the founders of Qonto, also participated.

“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,” said Philip Chopin, Managing Director and Head of Europe at NEA.

Founded in 2023 by Paul-Adrien Hyppolite and Antoine Michon, Spiko designs and distributes its own regulated cash funds. Hyppolite is a former Deputy Head of the Financial Markets division at the French Treasury, while Michon is a former technology advisor to the French government who previously led deployments at Palatir.

Spiko’s regulated cash funds are available in four currencies — euro, dollar, pound sterling, and Swiss franc — and can be accessed via web and mobile app, or through an API that lets financial platforms embed the funds directly into their own products.

The company argues that Europe and the US collectively hold around €44.4 trillion ($50 trillion) in cash and deposits, most of which earns little or nothing. With central bank rates currently at 2.5% in the euro zone and close to 4% in the US, Spiko says each percentage point of yield on that sum represents around €444.6 billion ($500 billion) annually, which flows predominantly to banks and large financial institutions, leaving individuals, small businesses, and others out.

Spiko issues its funds on blockchain infrastructure, which has allowed it to become the world’s largest issuer of tokenised cash funds, ahead of BlackRock and Franklin Templeton. Since it operates on the same rails as stablecoins and smart contracts, the approach makes cash programmable: a company can automate its treasury rules once and have Spiko execute them continuously, including turning idle cash into yield-bearing funds.

“Every person and every organisation 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,” said Hyppolite, co-founder and CEO of Spiko.

In just two years, Spiko has grown to more than €2.4 billion ($2.7 billion) in assets under management, a more than fivefold increase over the past 12 months. The platform now serves more than 10,000 businesses and individuals across more than 25 jurisdictions, including startups, VC funds, research institutions, public institutions, and medical practices.

While traditional money market funds were built around the business-hours market, Spiko is positioning its cash funds as the ideal one for a world in which money moves continuously through software and AI agents.

Spiko will use the fresh capital to launch new funds, open new markets, and expand the team. The company already operates from hubs in Paris and London, and is actively building out local presence across Germany, Italy, Spain, the Netherlands, and the Nordics.