Spiko Raises $90M Series B for Programmable Cash

Cash management becomes visible when something goes wrong. A payroll file arrives, a supplier needs to be paid, or a market closes while the money required for tomorrow is sitting somewhere optimized for yesterday.

Spiko has raised a $90M Series B to make that tension programmable. New Enterprise Associates led the round, with Index Ventures, Bpifrance, Speedinvest, Flourish Ventures, Shapers, White Star Capital, Blockwall, Frst, EQNX, Mirana Ventures, Wintermute Ventures, Axel Weber, and the founders of Qonto participating.

The London- and Paris-based fintech says the financing brings its total capital raised to $120M. Spiko will use it to launch new funds, open new markets, and build local teams across Germany, Italy, Spain, the Netherlands, and the Nordics, extending a regulated cash platform that already serves businesses, individuals, and financial institutions.

What Spiko Raised and Who Backed It

The Series B follows a $22M Series A led by Index Ventures in July 2025 and a $5M seed round recorded in Spiko's company timeline. Spiko reports $120M in total funding rather than the simple $117M sum of those rounded public round figures, so the company's reported total is the appropriate number to preserve. The valuation was not disclosed.

NEA is leading the next phase after Spiko moved from roughly $400M in assets under management at the Series A to a company-reported $2.7B in the October 2026 English-language release. Spiko also reports more than fivefold AUM growth over 12 months, more than 10,000 businesses and individuals, and customers across more than 25 jurisdictions. Its French announcement reports the same scale as €2.4B, a currency presentation that aligns with the dollar figure rather than contradicting it.

How Spiko Makes Cash Programmable

Spiko designs and distributes regulated cash funds denominated in euros, dollars, sterling, and Swiss francs. Customers can use its web and mobile applications, while banks, fintechs, and other financial platforms can embed the products through an API. The funds' ownership records are tokenized on public blockchains, giving software a way to interact with regulated fund shares on infrastructure that can operate beyond conventional banking hours.

The practical job is less theatrical than the word “tokenization” sometimes makes it sound. A finance team needs enough cash ready for payroll and suppliers, wants genuine excess balances earning a return, and still has to satisfy custody, accounting, liquidity, and regulatory requirements. Spiko's pitch is that those choices can become standing rules: reserve what operations need, move the surplus into an appropriate fund, and make the allocation available through treasury-management software or an API.

Spiko says instant withdrawals are available today and that it is developing interest that accrues continuously. That matters because money-market funds were built around business days, while global payments, stablecoin rails, software services, and corporate obligations increasingly move at all hours. The product opportunity sits in the handoff between those two clocks.

Regulation Is Part of the Product

Founders Paul-Adrien Hyppolite and Antoine Michon came to the problem through French public service rather than a crypto trading desk. Hyppolite, Spiko's co-founder and CEO, previously worked on financial-markets regulation at the French Treasury. Michon, co-founder and COO, previously advised the French government on technology and led deployments at Palantir.

That background shows up in the corporate structure. Spiko Finance says it is licensed as an investment firm by France's ACPR, registered with ORIAS, and supervised by French authorities. Client funds are held by CACEIS Bank, a Crédit Agricole subsidiary, and Spiko states that it does not hold those funds itself.

This distinction is central to the investment logic. A blockchain ledger can make ownership records and transfers more programmable, but it does not remove the need for regulated products, credible custody, customer controls, or a distribution system that financial institutions can adopt. NEA's capital is backing Spiko's attempt to assemble those pieces into one operating layer.

The Scale Claim Needs the Right Frame

Spiko says its tokenized cash-fund range is now larger than the ranges offered by BlackRock and Franklin Templeton in that specific category, citing RWA.xyz. The comparison is useful only with its boundary intact. It is about tokenized cash funds, not a claim that Spiko has surpassed either institution in overall assets, distribution, or financial reach.

The more durable signal is the movement from one product and one geography toward a multi-currency platform with API distribution. Spiko's customers range from startups and medical practices to research institutes, public institutions, venture funds, and financial platforms. A product that can serve those groups has to make liquidity and controls legible to people who do not care which blockchain recorded the fund share.

That customer mix also explains why the new capital is going into local teams and market expansion. Regulated financial products do not enter Germany, Italy, Spain, the Netherlands, and the Nordics through a translation file. Each market adds distribution relationships, operating practices, customer expectations, and legal detail that must work before the software can feel simple.

What the $90M Changes

Spiko's funding gives the company room to expand the product range and make treasury allocation more continuous. The ambition is to let a business define how much cash must stay ready, where excess balances should go, and when money needs to return, then allow software to execute within those constraints. The next products will show whether that model can move from efficient fund access into a broader treasury operating system.

For operators, the important change is not that a fund share sits on a blockchain. It is that a cash decision can become explainable, repeatable, and available inside the systems where finance teams already manage payments and liquidity. Spiko's next stretch across Europe will be measured in the quiet moments when the right amount is ready for payroll, the remainder has kept earning, and the ledger still tells the same story after the software has done its work.