Spiko raises $90M Series B led by NEA for tokenised cash funds

Paris-based Spiko has raised a $90M Series B led by New Enterprise Associates (NEA), with Index Ventures, Bpifrance and Speedinvest among the backers following on, to scale regulated tokenised money market funds that already hold $2.7bn.

A $90M cheque with a Menlo Park return address

Spiko announced the round on Tuesday 6 October: $90M in Series B funding led by NEA, taking total funding to $120M (company announcement, 6 October 2026). The syndicate is long and telling. Existing backers Index Ventures, Bpifrance, Speedinvest, Flourish Ventures, Shapers, White Star Capital, Blockwall, Frst, EQNX, Mirana Ventures and Wintermute Ventures all returned, joined by angels including former Bundesbank president Axel Weber and the founders of Qonto.

The money goes where you would expect: new funds and product lines, new markets – Germany, Italy, Spain, the Netherlands and the Nordics are named – and hiring across the Paris and London teams. On the roadmap sit real-time interest, programmable cash and integrations for AI agents (company announcement).

“Every person and every organization holds cash, yet whether it earns anything still depends on who you are and how much you have,” said co-founder and CEO Paul-Adrien Hyppolite in the announcement. “Yield should be universal.”

From the French Treasury to $2.7bn in two years

Spiko does one thing: it lets businesses and individuals park cash in regulated money market funds whose shares are recorded on-chain, earning short-term rates in euros, dollars, sterling or Swiss francs, with instant withdrawals, an API and automated treasury rules on top. The funds are UCITS vehicles authorised by France’s AMF; Spiko itself is an ACPR-licensed investment firm, and client assets are held at CACEIS Bank (company disclosures).

The founders came from the machinery of the French state: Paul-Adrien Hyppolite was an economist at the French Treasury, Antoine Michon worked at Palantir and in the Prime Minister’s digital directorate. They founded the company in 2023 and launched the first funds in 2024. Two years on, the platform manages $2.7bn, up more than fivefold in twelve months, for over 10,000 businesses and individuals across 25+ countries (company announcement). The overnight fund it runs with Amundi passed $1bn in July 2026 (company figures), and by RWA.xyz data Spiko’s tokenised cash funds are now the largest anywhere, ahead of BlackRock’s BUIDL and Franklin Templeton’s BENJI.

Our records mark the step change: a $22M Series A led by Index Ventures in July 2025, when the platform reported just over $400M under management. Fourteen months later the assets have multiplied by six and the cheque has quadrupled.

A $15bn on-chain segment that tripled in 15 months

The segment Spiko sells into is small and compounding fast. Tokenised US Treasury and money market products held $14.9bn on-chain in September 2026 (RWA.xyz, September 2026), after roughly tripling from $4.0bn to $13.0bn between January 2025 and March 2026 (RWA.xyz). The long-range forecasts run hotter still: Ripple and Boston Consulting Group project tokenised real-world assets growing from $0.6tn in 2025 to $18.9tn by 2033, a 53% compound annual growth rate (Ripple and BCG, 2025). Spiko’s own framing is simpler: roughly $50tn sits in cash and deposits across Europe and the US, most of it earning nothing (company announcement).

For scale against our own fundraising records: Nordic Capital’s $40M growth cheque into Trustly and Insight Partners’ $60M Series C into Metaview were the biggest European software rounds of the past week. Spiko’s $90M tops both.

Three US leads in one week, one French moat

So why does a Paris fintech take its growth round from Menlo Park? I keep counting the US return addresses on European growth rounds: NEA into Spiko, Insight into Metaview, Scale Venture Partners into Namespace’s Series B, three in a single week of our records. We have never been better at seeding fintech in Europe; the growth cheques still tend to land from across the Atlantic.

The good news is that the conviction underneath is European. Bpifrance sits in the same syndicate as NEA, Index and Speedinvest never left, and the moat itself was built in Brussels and Paris: UCITS and money market fund regulation is precisely what lets a tokenised fund be sold to ordinary businesses in 25+ countries without a bespoke legal workaround in each one. What we are seeing is European regulation, so often filed under roadblock, functioning as the product.

What to watch now: the pace of the German, Italian, Spanish, Dutch and Nordic launches, whether the AI-agent integrations turn treasury into software, and whether a European growth fund leads the next round. The cash is here and the rails are regulated here. Watch who builds on them next.