HedgeCo.Net — Spiko, a London- and Paris-based issuer of tokenized cash funds, has raised a $90 million Series B led by New Enterprise Associates, the company announced on October 6, 2026. Index Ventures, Speedinvest and White Star Capital participated, along with angel investors including the founders of French fintech Qonto and Axel Weber, former president of the Bundesbank. The round brings Spiko’s total funding to $120 million, according to the company’s release and Tech.eu.
Founded in 2023, Spiko designs its own regulated cash funds, ranging from products with intraday liquidity to fixed-term options, and issues them on public blockchains. Businesses access the funds through a desktop and mobile app, while fintechs and other platforms can embed them through an API. The company reports about $2.7 billion in assets under management and more than 10,000 business and individual clients in over 25 jurisdictions, and it says it is now the world’s largest issuer of tokenized cash funds, ahead of BlackRock and Franklin Templeton.
Spiko’s pitch rests on the gap in money market fund adoption between the U.S. and Europe. American companies have long parked surplus cash in money funds, while smaller European businesses have often left balances in bank deposits earning little. By putting fund shares onchain, Spiko says cash becomes programmable: a finance team can set rules to keep operating balances for payroll, sweep excess into a liquid fund and lock longer-dated cash into a term product, with treasury systems or AI agents adjusting allocations through the API.
The company plans to use the new capital to launch additional funds, enter new markets and expand its team, building local teams in Germany, Italy, Spain, the Netherlands and the Nordics. The financing comes in a segment where incumbents such as BlackRock and Franklin Templeton have been adapting existing products while specialist startups build onchain from the start.
For institutional investors, the financing underlines how tokenized money market funds are becoming core infrastructure for the digital asset economy, serving as yield-bearing collateral and as a destination for stablecoin balances. The open questions are distribution and regulation: whether tokenized funds can scale beyond early adopters and crypto-native treasuries, and how European and U.S. rules evolve for funds that settle around the clock on public blockchains.