Spiko Raises $90M as Tokenized Cash Funds Reach $2.7B

On October 6, 2026, London- and Paris-based Spiko’s Series B announcement disclosed a $90 million round led by New Enterprise Associates and $2.7 billion placed in its tokenized cash funds. The company plans to use the financing to extend a treasury business that lets customers earn a return on cash while retaining access for payments.

The Block’s report puts Spiko’s cumulative venture funding at $120 million and its user base above 10,000 businesses and individuals in more than 25 jurisdictions; it names Index Ventures, Bpifrance, Speedinvest and Wintermute Ventures among the investors, alongside former Bundesbank president Axel Weber. The venture funding goes to Spiko, while the much larger asset figure measures money invested in its funds.

The round backs new funds and European teams

Spiko is directing the new capital toward additional funds, market entry and hiring. Its press release quotes co-founder and CEO Paul-Adrien Hyppolite saying “Yield should be universal” and sets out plans for local teams in Germany, Italy, Spain, the Netherlands and the Nordics. Those locations describe an expansion plan; the company has not given launch dates for individual markets or funds.

Distribution is part of that plan. Customers can reach the funds through Spiko’s web and mobile apps, while financial platforms can embed them through an API. That gives Spiko a route to businesses that manage cash inside another provider’s product. It also means a customer may see a familiar account interface while the money underneath is invested in a fund with its own holdings, redemption terms and risks.

How tokenized shares serve operating cash

Spiko’s operating-cash proposition starts with a practical constraint: a company must keep enough money available for payroll and suppliers even when it wants its remaining balance to earn a return. Its treasury rules can retain a payment buffer in an operating account and move surplus cash into a fund. A payment need can then trigger a withdrawal. The API allows those rules to connect to a company’s treasury system, giving the funding round a product purpose beyond adding more fund names.

The fund shares are recorded on public blockchains, which lets software track and transfer ownership on infrastructure that runs continuously. That feature does not determine when proceeds from a redemption reach a bank account. Spiko offers instant withdrawals for its cash offering today and presents interest calculated continuously throughout the day as a future goal. The relevant access time still depends on the particular fund: an instruction that can be sent at any hour is distinct from cash being settled and ready for a payment.

Government bills underpin the lower-risk option

The Spiko T-Bills EUR fund page identifies the product as a money-market fund approved by France’s Financial Markets Authority. It invests in short-term Treasury bills from core eurozone countries, with CACEIS acting as depositary bank; Spiko does not hold the invested money itself. Fund shares represent an interest in that portfolio. Recording the shares as tokens changes the ownership and transfer infrastructure, while the bills remain the source of the fund’s return.

The portfolio is marked to market on business days, and its yield changes with Treasury-bill yields. Spiko describes daily access to this fund, but ready access is not a guarantee of a fixed return or principal value. The holdings retain sovereign credit exposure, and the fund’s value can reflect market conditions before its bills mature. For cash reserved for near-term obligations, those exposures and the redemption arrangement are more useful distinctions than the tokenized format alone.

Cash & Carry adds volatility and issuer exposure

Spiko’s Cash & Carry explanation describes a professional alternative investment fund with a €100,000 minimum initial subscription, a Marex Financial note tracking an index calculated by MSCI, and redemption proceeds paid two business days after an order. The strategy seeks returns from the gap between spot and futures prices, initially in digital assets. Spiko also offers Smart Cash, whose contractual yield comes through a bank swap, giving it a different underlying exposure again.

In Cash & Carry, an opposing futures position aims to offset changes in the price of an asset held in the spot market. The gap between those prices can nevertheless widen before a contract expires, pushing the fund’s value down when an investor may need to redeem. Rolling a position or a move between the index signal and execution can also reduce the return captured. Because the fund holds a note, investors additionally bear the risk of default by Marex Financial. The possibility of placing a redemption order therefore should not be mistaken for an assurance that the strategy’s value will stay steady until the proceeds arrive.

Spiko has not disclosed a product-by-product split of the assets reported with the round. As it launches more funds, that mix will matter to treasury customers: growth in a government-bill fund and growth in an arbitrage strategy put their cash behind different sources of return, different exposures and different redemption schedules.