Tokenized cash fund startup Spiko raises $90 million

What happened

Spiko, a fintech startup building tokenized cash funds, raised $90 million in a Series B round. New Enterprise Associates (NEA) led the round, joined by Index Ventures, Speedinvest and White Star Capital. Qonto's founders and former Bundesbank president Axel Weber were among the angel investors. Total funding to date has reached $120 million.

What it does

Spiko helps companies and institutions earn yield on idle cash. According to the company, roughly $50 trillion sits in cash and deposits across Europe and the US, with much of it earning little or no return. Spiko offers regulated cash funds ranging from products that can be quickly converted to cash to ones with fixed maturities.

How it is accessed

Funds are available through desktop and mobile apps. Financial platforms can integrate Spiko's products into their own services via API. The funds are available in euro, US dollar, British pound and Swiss franc, and are issued on-chain, so they can work alongside stablecoin and smart contract infrastructure.

Automation and the claim

Spiko's infrastructure lets companies automate cash management with rules: they set how much to keep in operating accounts, move the excess into liquid funds, and direct cash not needed for a while into fixed-term products. These rules can be managed by treasury systems or AI agents through Spiko's API. The company says it has overtaken BlackRock and Franklin Templeton to become the world's largest issuer of tokenized cash funds.

Where the money goes

Spiko will use the new funding to launch new cash funds, enter new markets and grow its European team. Headquartered in Paris and London, the company plans to build local teams in Germany, Italy, Spain, the Netherlands and the Nordic countries.