By Ryan Weeks | Updated on Oct 06, 2026 at 07:00 AM
A European startup building tokenized cash funds has raised $90 million in equity funding, as it seeks to take on sector heavyweights including BlackRock Inc.
London and Paris-based Spiko SAS is now valued at $800 million following a Series B funding round led by New Enterprise Associates, Spiko co-founder and Chief Executive Officer Paul-Adrien Hyppolite said in an interview. Index Ventures, White Star Capital and Speedinvest also participated in the raise, according to a statement published on Tuesday.
Spiko issues money-market funds on blockchain technology and works with fintech firms and other clients to distribute them. Its flagship, the euro-denominated Spiko Amundi Overnight Swap Fund, launched in March and has since reached about $1.5 billion in assets, according to rwa.xyz data. That fund is quickly gaining ground on the $2.3 billion BlackRock USD Institutional Digital Liquidity Fund, the market bellwether.
“When you look at the European money supply, the vast majority of it is in bank deposits,” said Hyppolite. While US dollar money-market funds hold almost $8 trillion, according to data tracked by the Investment Company Institute, Hyppolite reckons euro-denominated equivalents hold roughly $1 trillion, with treasurers in the region relying instead on bank deposits.
“We’re going to bridge this gap by building great cash funds,” he added.
Hyppolite is a former deputy head of the financial markets division at the French treasury, while his co-founder Antoine Michon previously advised the French government on technology. Launched in 2023, Spiko has to date raised $120 million, with previous backers including Revolut Chief Executive Officer Nik Storonsky.
Axel Weber, former president of the Bundesbank and ex-chairman of UBS Group AG, participated as an angel investor in Spiko’s Series B round.
Today, Spiko has about $2.7 billion in assets under management across all its products, according to rwa.xyz data . Its flagship fund, which was co-created with Amundi Asset Management, was rated AAAf by S&P Global Ratings last month.