Spiko Raises $90 Million to Expand Tokenized Cash Funds

Spiko closed a $90 million Series B led by NEA, reaching an $800 million valuation. The firm plans to expand markets and team as tokenized cash funds grow.

SShitij GuptaOct 6, 2026

MentionedUSDC

Spiko closed a $90 million Series B funding round led by New Enterprise Associates (NEA) on October 6, 2026, per the company announcement. The round brings total funding to $120 million since the company's founding. Co-founder and CEO Paul-Adrien Hyppolite said the firm is now valued at $800 million following the Series B, per Bloomberg.

The company was founded in 2023 by Hyppolite, a former Deputy Head of the Financial Markets division at the French Treasury, and Antoine Michon. Based in London and Paris, the firm says more than 10,000 businesses and individuals across more than 25 jurisdictions already use its product. Investors in the round included Index Ventures, Bpifrance, Speedinvest and Wintermute Ventures. Prominent angels included Axel Weber, former president of the Bundesbank, and the founders of Qonto.

Assets under management reached $2 billion by July 2026, up from $1 billion in February 2026, per Crypto Briefing. That adds a billion dollars in roughly five months. Spiko will use the new capital to launch new cash funds, enter additional markets and expand its European team, per its announcement. It plans to build local teams in Germany, Italy, Spain, the Netherlands and the Nordics. In October 2026, Spiko announced a partnership with Fipto that lets investors move money from EURC and USDC stablecoin balances into its funds via platforms such as Coinhouse.

Its funds primarily hold Eurozone and US Treasury bills, backed by sovereign T-bills or collateralized swaps. The firm operates under the oversight of the AMF, France's financial markets regulator. Products are UCITS-compliant and available in euros, US dollars, sterling and Swiss francs. Interest accrues daily, and withdrawals are instant.

Issuer Ranking Claim Is Self-Reported

Spiko's own press release claims it ranks ahead of BlackRock and Franklin Templeton as the largest issuer of tokenized cash funds. The company cites app.rwa.xyz for that ranking. The underlying data page exceeded the fetch size limit, so the claim could not be independently confirmed.

The broader market context is that tokenized cash is growing fast but moves slowly. This site's coverage of the real-world asset market notes that most tokenized cash barely trades, even as it dominates the sector by volume.