Spiko Secures $90M to Challenge BlackRock in Tokenized Cash Funds

Paris Startup Spiko Secures $90 Million to Disrupt Cash Management

A three-year-old Paris-based startup, Spiko, has raised $90 million in a Series B funding round to challenge established players in the lucrative market of cash management. The company, which specializes in creating tokenized money market funds, announced the closure of its latest financing round on October 6, 2026. Spiko now aims to compete more directly with financial giants like BlackRock in the cash fund sector.

Major Funding Boost and Expansion Plans

The Series B round was led by New Enterprise Associates (NEA). Existing investors Index Ventures and White Star Capital participated, alongside new backers including Axel Weber, the former president of the Bundesbank. This latest infusion brings Spiko’s total funding since its inception in 2023 to approximately $120 million. The company plans to utilize this capital to expand its operations across Europe and the United States, while also developing new products focused on tokenized cash and yield generation.

Rapid Growth in Assets Under Management

Spiko’s previous Series A funding in July 2025 secured $22 million, led by Index Ventures, with contributions from angel investors such as Nikolay Storonsky of Revolut. However, the company’s assets under management (AUM) present a more striking indicator of its rapid ascent. As of late September 2026, Spiko managed between $2.6 billion and $2.7 billion in AUM. This figure represents significant growth, with the firm surpassing $1 billion in AUM in February 2026 and reaching $2 billion by July 2026, adding a billion dollars in just five months. This substantial AUM positions Spiko as the leading tokenized fund issuer in Europe and a significant participant in the global tokenized fund market.

Tokenized Funds and Regulatory Compliance

Spiko’s core offering involves tokenizing money market funds, placing fund shares onto public blockchains. These funds primarily invest in Eurozone and U.S. Treasury bills, secured by sovereign T-bills or collateralized swaps. The tokenized structure enables daily interest accrual and allows holders to transfer fund shares on-chain swiftly, bypassing traditional settlement processes. Spiko operates under the supervision of France’s financial markets regulator, the AMF, and its funds are UCITS-compliant, adhering to the European Union’s regulatory framework for retail investment funds. Technically, Spiko issues tokens across multiple blockchains, including Stellar, Ethereum, and others, facilitating custodial arrangements and rapid inter-party transfers.

Strategic Partnerships and Market Focus

A key development in Spiko’s crypto integration came in October 2026 with the announcement of a partnership with Fipto. This collaboration enables investors to move funds directly from stablecoin balances, specifically EURC and USDC, into Spiko’s offerings, accessible through platforms like Coinhouse. Spiko is actively addressing what it identifies as a “cash yield gap” between Europe and the U.S. While American businesses have long had ready access to money market products, European companies, particularly smaller ones, have faced more limited options. Spiko markets its funds as a treasury solution for businesses and SMEs, offering them the ability to earn yield on surplus cash with daily accrual and rapid liquidity, without the complexities of traditional institutional setups.

Investor Confidence and Competitive Positioning

The composition of Spiko’s investor base underscores a growing acceptance of tokenized funds among both venture capital and traditional finance professionals. NEA’s lead role, Index Ventures’ increased commitment, and the involvement of a former Bundesbank president signal this trend. Spiko is explicitly positioning itself against established players like BlackRock. The company’s competitive advantage, if sustained, lies in its native blockchain infrastructure, developed from inception for public blockchains under a European regulatory framework, in contrast to incumbents adapting existing products.