Spiko has raised $90 million in a Series B round led by New Enterprise Associates, giving the London- and Paris-based tokenized cash-fund provider $120 million in total funding as it expands its regulated on-chain fund business across Europe.
Index Ventures, Bpifrance, Speedinvest and Wintermute Ventures joined the financing, Spiko said Tuesday. Angel participants included Axel Weber, the former president of Germany’s Bundesbank. The company plans to use the capital to introduce new funds, enter additional markets and increase its workforce, beginning with local operations in Germany, Italy, Spain, the Netherlands and the Nordic countries.
The funding puts fresh weight behind a segment of tokenization focused less on volatile digital assets than on cash management. Spiko packages regulated cash funds into blockchain-based tokens, allowing eligible businesses and individuals to hold fund shares through web and mobile applications or through products built by third-party financial companies using its application programming interface, or API.
Spiko said it manages $2.7 billion across funds denominated in euros, U.S. dollars, sterling and Swiss francs. It reported more than 10,000 business and individual users in over 25 jurisdictions.
Expansion targets European cash management
Spiko’s planned country-by-country buildout suggests that distribution, compliance and local market access are central to its next phase. Cash funds may appear straightforward compared with tokenized bonds or structured products, but selling them across Europe requires different regulatory permissions, client servicing arrangements and institutional relationships in each market.
The company’s products are designed for customers with operational cash that needs to remain accessible for expenses such as payroll, supplier payments or tax obligations. Spiko said its infrastructure can support automated rules that shift surplus cash into its funds while leaving a defined amount available for day-to-day payments.
That model targets a practical limitation in corporate treasury: cash held for flexibility can remain outside yield-bearing products, while cash placed in longer-term instruments may be harder to retrieve quickly. Tokenized fund shares could make transfers and holdings easier to integrate into digital payment workflows, though the liquidity available to a customer ultimately depends on each fund’s terms, settlement arrangements and underlying assets.
Spiko distributes its funds directly but also offers an API for other financial firms to embed them in their own products. That approach could place its funds inside treasury platforms, fintech applications or digital-asset services without requiring every end user to interact with Spiko’s own interface.
Public blockchains become a fund-distribution channel
Spiko said its funds are issued on multiple public blockchains using infrastructure associated with stablecoins and smart contracts. A smart contract is software deployed on a blockchain that can execute preset instructions, such as transfer restrictions or eligibility checks.
Using public networks gives fund issuers a common settlement layer that can connect to wallets, payment systems and other blockchain applications. In a regulated fund structure, though, the token does not remove the need for conventional financial controls. Fund managers must continue to manage the underlying portfolio, calculate valuations, process redemptions and apply rules on who can own or transfer the product.
The structure also creates a sharper distinction between a tokenized cash fund and a stablecoin. A stablecoin generally seeks to hold a stable unit value, often tied to a currency such as the dollar or euro. A tokenized cash fund represents ownership in an investment fund, and its return and redemption terms are governed by that fund’s legal documentation and portfolio strategy.
For users, the attraction is the possibility of combining regulated cash-fund exposure with the transferability and programmability of blockchain-based assets. For issuers, public blockchains can reduce reliance on separate proprietary ledgers and provide a standardized route into digital-finance products.
Spiko cites RWA.xyz comparison with larger asset managers
Spiko said its tokenized cash-fund range is larger than comparable ranges offered by BlackRock and Franklin Templeton, citing data from blockchain-data platform RWA.xyz. The comparison concerns tokenized cash-fund issuance rather than the overall assets managed by the three firms.
That distinction is substantial. BlackRock and Franklin Templeton oversee far larger traditional asset-management businesses, while their blockchain fund efforts form only one part of their product lineups. Spiko’s business is more concentrated on tokenized cash products, making on-chain fund issuance a closer measure of its current scale than conventional assets under management.
The company’s reported $2.7 billion in total assets under management places it among the larger specialist providers in a market where many tokenized real-world asset products remain relatively small. Its multi-currency lineup also addresses a European market that does not operate around a single reserve currency: businesses often manage euro, dollar, sterling and Swiss-franc balances separately.
Funding tests demand beyond digital-asset trading
The Series B arrives as tokenization providers seek revenue from financial products that have established use cases outside cryptocurrency trading. Cash management offers recurring demand from companies that need to hold liquid balances, while funds can generate fees based on assets under management.
Spiko’s expansion will test whether tokenization’s operational benefits are sufficient to win customers from traditional money-market and cash-management channels. The answer will depend on factors beyond blockchain settlement, including fund yields after fees, redemption speed, regulatory access, accounting treatment and how smoothly the products connect with existing banking and finance systems.
The company’s decision to build local teams in major European markets indicates that these conventional financial requirements remain central even when fund ownership and transfers are represented on public blockchains.
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