Spiko raises $90M to take on BlackRock in tokenized cash funds
RWA Signal Insight
U.S. TreasuriesParis-based fintech Spiko has successfully closed a $90 million Series B funding round led by New Enterprise Associates, bringing its total capital raised since 2023 to approximately $120 million. The company, which specializes in tokenized money market funds, reported assets under management of $2.6–2.7 billion as of late September 2026. This rapid growth, having reached $1 billion in February 2026 and $2 billion by July 2026, establishes Spiko as a leading tokenized fund issuer in Europe. The firm utilizes public blockchains like Stellar and Ethereum to offer daily interest accrual and faster settlement for its UCITS-compliant funds. By targeting the cash yield gap between Europe and the U.S., Spiko aims to provide SMEs with efficient treasury tools that compete directly with institutional giants like BlackRock. The funding round also attracted notable traditional finance figures, including former Bundesbank president Axel Weber, signaling increased institutional confidence in blockchain-native financial products. Furthermore, a new partnership with Fipto enables direct investment into Spiko funds using stablecoins such as EURC and USDC, bridging the gap between crypto liquidity and traditional sovereign debt instruments.
Key points
- Spiko raised $90 million in Series B funding, reaching $120 million in total capital.
- Assets under management grew to $2.6–2.7 billion by late September 2026.
- Funds are UCITS-compliant and operate on public blockchains including Stellar and Ethereum.
- New partnership with Fipto allows direct investment via EURC and USDC stablecoins.
Background
Spiko is a Paris-based fintech that tokenizes money market funds, allowing investors to hold shares of sovereign debt instruments on public blockchains. Its products are designed to be UCITS-compliant, adhering to European regulatory standards for retail-accessible investment funds. By leveraging blockchain infrastructure, the firm enables daily interest accrual and near-instant settlement, providing a modern alternative to traditional institutional cash management.