Spiko Raises Series B as Tokenized Cash Fund Assets Reach $2.7 Billion

Spiko has raised a Series B round, bringing its total capital raised to $120 million as assets in its tokenized cash funds reach approximately $2.7 billion. The asset figure is five times its level 12 months earlier, giving the funding announcement a measure of the firm’s growth as it prepares to expand across Europe.

The company serves more than 10,000 business and individual clients across over 25 jurisdictions. Its platform offers tokenized cash management funds denominated in euros, US dollars, British pounds and Swiss francs. Following the round, Spiko plans to establish dedicated regional teams in Germany, Italy, Spain, the Netherlands and the Nordics.

Funding and investors

Index Ventures, which led Spiko’s $22 million Series A in July 2025, also participated in the Series B. Other participating investors included Bpifrance, Speedinvest, Flourish Ventures, White Star Capital and Wintermute Ventures, as well as angel investor Axel Weber and the founders of Qonto.

The $120 million figure is Spiko’s total capital raised to date, rather than the amount raised in the latest round. The funding comes alongside reported growth in assets held through its tokenized cash funds, though the two figures measure different things: capital raised finances the company, while fund assets reflect money in its products.

Spiko was co-founded in 2023 by Paul-Adrien Hyppolite, a former deputy head of financial markets at the French Treasury, and Antoine Michon, a former French government technology adviser and Palantir deployment strategist. The company’s business centres on cash management products that use tokenization, a way of representing interests in financial products digitally. Its reported asset growth indicates rising use of those products, but does not by itself describe the makeup of its client base or the source of new inflows.

Funds and regulatory structure

Spiko’s largest single product is the Spiko Amundi Overnight Swap Fund, or SAFO. It is a UCITS fund managed by Amundi, with BNP Paribas acting as swap counterparty, and accounts for nearly two-thirds of Spiko’s total assets. That concentration makes the fund central to understanding the company’s reported $2.7 billion asset base; the figure is not spread evenly across its products.

The platform’s four fund currencies give clients cash management options denominated in EUR, USD, GBP and CHF. Spiko Finance is licensed as an investment firm in France by the Prudential Control and Resolution Authority, or ACPR, under oversight from the Autorité des Marchés Financiers, or AMF. CACEIS Bank acts as depositary.

Those roles matter when assessing the offering. Tokenization describes how a product is represented and accessed; it does not replace the underlying fund structure or the functions performed by its manager, counterparty and depositary. The available information identifies those parties for SAFO and Spiko’s regulatory position, without establishing that every fund on the platform has the same structure.

Stablecoin access and European expansion

Spiko has rolled out an integration with Fipto that lets corporate clients convert EURC and USDC stablecoin holdings directly into its regulated funds through platforms including Coinhouse. The integration links stablecoin balances to Spiko’s fund offering, giving those clients a route from holdings in the two named tokens into the funds. The announcement does not establish how widely clients have adopted that route.

The planned regional teams would extend Spiko’s presence across several European markets, while its existing client base spans more than 25 jurisdictions. Establishing those teams is a stated next step following the financing, not evidence that the expansion has already been completed.

Spiko has also scheduled continuous, around-the-clock yield accrual features and new fixed-term tokenized fund vehicles. Both are future product plans rather than features described as available today. Together with the Fipto integration and proposed regional teams, they show where the company intends to develop its cash management platform after the Series B: broader European coverage, another way for corporate clients to access its funds, and additional product options.