Key Takeaways
- • Spiko, a tokenized cash fund issuer, raised $90 million in Series B funding led by New Enterprise Associates, bringing total funding to $120 million and signaling institutional confidence in blockchain-based money market infrastructure.
- • The company manages $2.7 billion in assets under management across more than 10,000 business and individual clients in over 25 jurisdictions, and claims to be the world's largest issuer of tokenized cash funds ahead of BlackRock and Franklin Templeton.
- • Spiko's competitive advantage targets the Europe-U.S. gap in money market adoption, offering programmable onchain cash management through desktop, mobile, and API-embedded solutions that enable automated treasury allocation.
- • Series B participants include Index Ventures, Speedinvest, and White Star Capital, alongside angel investors including Qonto founders and Axel Weber, former president of the Bundesbank, indicating broad fintech and traditional finance backing.
- • Capital deployment will fund new product launches, geographic expansion into Germany, Italy, Spain, the Netherlands, and the Nordics, and team growth to support localized operations.
Summary
Spiko, a London and Paris-based issuer of tokenized cash funds, closed a $90 million Series B funding round led by New Enterprise Associates on October 6, 2026, according to the company announcement. The round included participation from Index Ventures, Speedinvest, and White Star Capital, alongside angel investors including the founders of French fintech Qonto and Axel Weber, former president of the Bundesbank. The financing brings Spiko's cumulative funding to $120 million since its 2023 founding.
The company operates a platform issuing regulated cash funds on public blockchains, offering products ranging from intraday-liquidity options to fixed-term instruments. Currently managing $2.7 billion in assets under management and serving more than 10,000 business and individual clients across over 25 jurisdictions, Spiko claims to be the world's largest issuer of tokenized cash funds, surpassing incumbents BlackRock and Franklin Templeton in this emerging segment. Clients access funds through desktop and mobile applications, while third-party platforms and fintechs can integrate offerings via API, enabling embedded treasury solutions.
Spiko's core thesis exploits a structural gap in money market fund adoption between the United States and Europe. While American companies have traditionally parked surplus cash in money market funds, smaller European businesses have predominantly held balances in low-yielding bank deposits. By tokenizing cash fund shares on public blockchains, Spiko enables programmable treasury management: finance teams can establish rules for operating balance preservation, automated sweeps into liquid funds, and fixed-term allocation, with integrations to treasury systems and AI agents facilitating dynamic rebalancing through API interfaces. The Series B proceeds will support product expansion, entry into new European markets including Germany, Italy, Spain, the Netherlands, and the Nordics, and localized team buildout across these regions.
The financing reflects growing institutional recognition that tokenized money market funds are becoming foundational infrastructure within the digital asset ecosystem, functioning simultaneously as yield-bearing collateral and redemption venues for stablecoin holders. However, the sector faces material execution risks around distribution scaling beyond early adopters and regulatory evolution as European and U.S. authorities develop frameworks for 24/7 blockchain-settled fund products.
The company operates a platform issuing regulated cash funds on public blockchains, offering products ranging from intraday-liquidity options to fixed-term instruments. Currently managing $2.7 billion in assets under management and serving more than 10,000 business and individual clients across over 25 jurisdictions, Spiko claims to be the world's largest issuer of tokenized cash funds, surpassing incumbents BlackRock and Franklin Templeton in this emerging segment. Clients access funds through desktop and mobile applications, while third-party platforms and fintechs can integrate offerings via API, enabling embedded treasury solutions.
Spiko's core thesis exploits a structural gap in money market fund adoption between the United States and Europe. While American companies have traditionally parked surplus cash in money market funds, smaller European businesses have predominantly held balances in low-yielding bank deposits. By tokenizing cash fund shares on public blockchains, Spiko enables programmable treasury management: finance teams can establish rules for operating balance preservation, automated sweeps into liquid funds, and fixed-term allocation, with integrations to treasury systems and AI agents facilitating dynamic rebalancing through API interfaces. The Series B proceeds will support product expansion, entry into new European markets including Germany, Italy, Spain, the Netherlands, and the Nordics, and localized team buildout across these regions.
The financing reflects growing institutional recognition that tokenized money market funds are becoming foundational infrastructure within the digital asset ecosystem, functioning simultaneously as yield-bearing collateral and redemption venues for stablecoin holders. However, the sector faces material execution risks around distribution scaling beyond early adopters and regulatory evolution as European and U.S. authorities develop frameworks for 24/7 blockchain-settled fund products.
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