Key Takeaways
- • Spiko raised $90 million in Series B funding led by New Enterprise Associates (NEA), valuing the European tokenized cash startup at $800 million and bringing total funding to $120 million since its 2023 launch.
- • The company has accumulated $2.7 billion in total assets under management across tokenized cash funds, with its flagship euro-denominated fund holding $1.5 billion and achieving an AAAf rating from S&P Global Ratings.
- • Spiko's flagship euro fund, launched in March 2026, has already surpassed BlackRock's tokenized BUIDL fund ($2.3 billion) in growth trajectory, positioning the startup as a competitor to established asset managers in the tokenized securities space.
- • Series B investors include Index Ventures, White Star Capital, and Speedinvest, alongside earlier backer Nik Storonsky, CEO of Revolut, signaling institutional confidence in blockchain-based cash management infrastructure.
- • The funding demonstrates momentum in tokenized finance beyond experimental stage, with Spiko's model enabling traditional money-market funds to operate on blockchain rails and distribute through fintech platforms and other financial intermediaries.
Summary
Spiko, a European provider of tokenized cash funds, has secured $90 million in Series B funding at an $800 million valuation, led by New Enterprise Associates. The round includes participation from Index Ventures, White Star Capital, and Speedinvest. Including previous funding, Spiko has now raised $120 million since its founding in 2023, with backing from notable investors including Revolut CEO Nik Storonsky.
The startup has achieved significant scale in assets under management, reaching $2.7 billion across its tokenized fund offerings. Its flagship euro-denominated fund holds $1.5 billion in assets and secured an AAAf rating from S&P Global Ratings, validating the credit quality of the underlying instruments. This fund launched only in March 2026, yet has already accumulated substantial institutional capital.
Spiko's growth trajectory puts it in direct competition with established asset managers. BlackRock's tokenized BUIDL fund, a comparable product, holds approximately $2.3 billion in assets. Spiko's faster accumulation of assets in its primary offering suggests institutional appetite for alternative tokenized cash management solutions.
The business model centers on converting traditional money-market funds onto blockchain infrastructure and distributing them through fintech platforms and other financial intermediaries. CEO Paul-Adrien Hyppolite stated the company aims to "bridge the gap" by building cash funds for European corporate clients who currently hold large cash reserves in bank deposits. The funding round and AUM growth indicate that tokenized finance is transitioning from experimental technology to operational financial infrastructure, with established financial institutions and alternative platforms increasingly adopting blockchain-based cash management solutions.
The startup has achieved significant scale in assets under management, reaching $2.7 billion across its tokenized fund offerings. Its flagship euro-denominated fund holds $1.5 billion in assets and secured an AAAf rating from S&P Global Ratings, validating the credit quality of the underlying instruments. This fund launched only in March 2026, yet has already accumulated substantial institutional capital.
Spiko's growth trajectory puts it in direct competition with established asset managers. BlackRock's tokenized BUIDL fund, a comparable product, holds approximately $2.3 billion in assets. Spiko's faster accumulation of assets in its primary offering suggests institutional appetite for alternative tokenized cash management solutions.
The business model centers on converting traditional money-market funds onto blockchain infrastructure and distributing them through fintech platforms and other financial intermediaries. CEO Paul-Adrien Hyppolite stated the company aims to "bridge the gap" by building cash funds for European corporate clients who currently hold large cash reserves in bank deposits. The funding round and AUM growth indicate that tokenized finance is transitioning from experimental technology to operational financial infrastructure, with established financial institutions and alternative platforms increasingly adopting blockchain-based cash management solutions.
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