Spiko raises $90M Series B to bring yield to everyday cash

What's the deal? Spiko, the tokenized cash fund leader, has raised US$58.2M Series B led by New Enterprise Associates (NEA). Index Ventures, Bpifrance, Speedinvest, Flourish VenturesDealroom has a profile for this one. Try Dealroom →, Wintermute VenturesDealroom has a profile for this one. Try Dealroom →, and others joined, alongside angels including former Bundesbank president Axel Weber and the founders of Qonto. The round brings the French startup's total funding to $120 million.

What's the endgame? Spiko designs regulated cash funds — from intraday liquidity to term products — that businesses reach via a desktop and mobile app or that any platform can embed through an API. In just over two years, it has become the world's largest issuer of tokenized cash funds, with more than 10,000 clients across over 25 jurisdictions trusting it with $2.7 billion.

Why now? Europe and the United States hold around $50 trillion in cash and deposits, most earning little or nothing. With central bank rates between 2.5% in the euro area and close to 4% in the US, each percentage point of yield on that sum is worth $500 billion a year.

The company's pitch: banks and large institutions capture that yield daily, while entrepreneurs, nonprofits, and smaller firms hold money that earns nothing by default. "Yield should be universal," said co-founder and chief executive officer Paul-Adrien Hyppolite. "Our ambition is to make all cash earn by default, around the clock."

What about expansion? Spiko's funds are available in euros, dollars, sterling, and Swiss francs, with clients spanning startups, research institutes, public institutions, VC funds, and medical practices. It issues its funds onchain, running on the same rails as stablecoins and smart contracts — a model NEA's Philip Chopin says "extends naturally to new markets and new products."

The signal: At $90 million, the round sits in the 95th percentile of Series B fintech raises in France over the past four years. It reflects investor appetite for tokenized treasury products as money market funds move onchain — where Spiko now ranks ahead of BlackRock and Franklin TempletonDealroom has a profile for this one. Try Dealroom →.

Read more: markets.financialcontent.com

Image credit: Spiko