Spiko has raised $90 million in a Series B led by New Enterprise Associates as the London- and Paris-based fintech expands its tokenized cash-fund business, which now manages $2.7 billion acr
Spiko has raised $90 million in a Series B led by New Enterprise Associates as the London- and Paris-based fintech expands its tokenized cash-fund business, which now manages $2.7 billion across products denominated in euros, dollars, sterling and Swiss francs.The financing brings Spiko's total capital raised to $120 million. Investors participating in the round included Index Ventures, Bpifrance, Speedinvest, Flourish Ventures, White Star Capital, Blockwall, Frst, EQNX, Mirana Ventures and Wintermute Ventures. Former Bundesbank President Axel Weber and the founders of Qonto also participated as angel investors. Spiko said its assets under management have grown more than fivefold over the past 12 months. More than 10,000 businesses and individuals across over 25 jurisdictions now use its funds either directly or through financial platforms that integrate Spiko's products.
Where Will Spiko Deploy the New Capital?
Spiko plans to use the financing to launch additional funds, enter new markets and expand its workforce. The company currently operates from London and Paris and is building local teams in Germany, Italy, Spain, the Netherlands and the Nordic region. The company designs and distributes regulated cash funds ranging from products offering intraday liquidity to fixed-term alternatives. Clients can access them through Spiko's web and mobile applications, while banks, fintechs and other financial platforms can embed the products through an API. Unlike a conventional cash-management platform, Spiko records fund interests across multiple public blockchains. That allows the products to interact with blockchain-based payments, stablecoins and smart contracts while retaining their underlying regulated fund structure. The model is part of a larger shift toward moving money-market instruments onto blockchain infrastructure. FinanceFeeds has tracked how
tokenized Treasury and money-market products are increasingly competing on distribution, custody and blockchain integration rather than simply on yield.
Investor Takeaway
The $90 million round is notable less for the funding itself than for the operating scale behind it. Reaching $2.7 billion in AUM gives Spiko a sizable asset base from which to compete for corporate treasury cash rather than relying primarily on crypto-native demand.
Why Is Programmable Corporate Cash Becoming Important?
Spiko is positioning tokenization as a way to automate treasury management rather than simply digitize fund ownership. Companies can establish rules that keep enough money available for payroll or supplier payments while automatically moving surplus cash into yield-bearing funds. The funds currently support instant withdrawals, while Spiko plans to introduce continuous interest accrual. Treasury management systems and other software can also interact with the funds through its API, allowing cash movements to be automated around liquidity requirements. That use case increasingly overlaps with stablecoin infrastructure. Yield-bearing tokenized funds can sit on similar blockchain rails while offering exposure to regulated money-market assets, creating potential uses in payments, collateral management and institutional trading. Franklin Templeton, for example, has been extending tokenized money-market funds into institutional crypto infrastructure, including integrations that let investors
move between stablecoins and tokenized fund exposure through onchain systems.
Investor Takeaway
The competitive question is shifting from whether traditional funds can be tokenized to what investors and businesses can do with them afterward. API access, liquidity, settlement speed and integration with payment and collateral systems may become more important differentiators than blockchain issuance alone.
Has Spiko Really Overtaken BlackRock and Franklin Templeton?
Spiko says it now ranks ahead of BlackRock and Franklin Templeton as the largest issuer of tokenized cash funds, citing RWA.xyz data. The comparison is specific to tokenized cash-fund assets and should not be confused with the firms' total assets under management, where BlackRock and Franklin Templeton operate at a vastly larger scale. The competitive benchmark is also moving quickly. BlackRock has continued expanding beyond BUIDL, including the launch of
additional tokenized money-market funds designed around short-term government securities and stablecoin reserve demand. Spiko's advantage may instead lie in its focus. Rather than tokenizing a small component of a much larger asset-management business, its product architecture is built around making cash funds available through blockchain networks and APIs from the outset.
Investor Takeaway
Spiko's $2.7 billion AUM shows that tokenized cash management is developing beyond pilot projects, but maintaining its position will require continued asset inflows as much larger financial groups expand competing products. The next test is whether its distribution and programmable-treasury model can keep growing faster than institutional incumbents entering the same market.
What Comes Next for Spiko?
The Series B gives Spiko additional capital to deepen its European presence while broadening the range of cash-management products available through its infrastructure. Expansion into more jurisdictions could also increase the value of its API model by allowing financial platforms to offer localized fund products without building separate tokenization systems themselves. For the wider tokenized-asset market, Spiko's growth adds another data point suggesting that real-world asset adoption is moving toward practical treasury and liquidity functions. The next stage will depend less on the novelty of recording fund shares on public blockchains and more on whether those funds become routinely used for corporate cash, collateral and settlement.
