Spiko Raises 90M to Challenge BlackRock in Tokenized Cash Funds

Spiko, a Paris-based startup, has raised $90 million in a Series B funding round to challenge BlackRock in the tokenized cash funds market. The round was led by New Enterprise Associates (NEA), with participation from existing investors Index Ventures and White Star Capital, as well as new backers including Axel Weber, former president of the Bundesbank. This brings Spiko’s total funding to approximately $120 million since its founding in 2023. The company plans to use the capital to expand across Europe and the US and develop new tokenized cash and yield products.

Spiko’s assets under management (AUM) have grown rapidly, reaching $2.6-2.7 billion by late September 2026. The firm crossed $1 billion in February 2026 and hit $2 billion in July 2026, adding a billion dollars in roughly five months. This growth positions Spiko as the leading tokenized fund issuer in Europe and a key player globally.

The company offers tokenized money market funds that hold Eurozone and US Treasury bills, backed by sovereign T-bills or collateralized swaps. These funds allow interest to accrue daily and enable quick on-chain transfers of fund shares. Spiko operates under the oversight of France’s financial markets regulator (AMF) and issues funds across multiple blockchains, including Stellar and Ethereum.

In October 2026, Spiko partnered with Fipto, allowing investors to move money directly from stablecoin balances, such as EURC and USDC, into Spiko’s funds. The company targets the cash yield gap between Europe and the US, offering its funds as a treasury tool for businesses and SMEs. Spiko’s investor lineup, including NEA and a former Bundesbank president, indicates growing comfort with tokenized funds among venture capital and traditional finance figures.