Spiko raises $90 million Series B for tokenised cash
Spiko raised $90 million in a Series B to scale tokenised cash funds from London and Paris. Bloomberg, not the company, put the valuation at $800 million.
Spiko has raised $90 million in a Series B to push tokenised cash further into everyday treasury. I have tracked European cash-management products since these funds left the pilot stage, and the sharper question is who embeds them. The product is being sold the way embedded finance is sold, as an Application Programming Interface (API) inside someone else's workflow rather than as a destination app. The London and Paris company said on October 6, 2026 that New Enterprise Associates (NEA) led.
The Series B terms
The release puts total funding at $120 million and says $2.7 billion now sits in the funds, up more than fivefold in 12 months, for more than 10,000 businesses and individuals in more than 25 jurisdictions. It names Index Ventures, Bpifrance, Speedinvest and White Star Capital among the participants, and it states no valuation. Bloomberg reported the same day that co-founder and chief executive Paul-Adrien Hyppolite put Spiko SAS at $800 million. Dividing that $800 million by the $2.7 billion gives roughly 30 cents of equity value per dollar of client money, and the release discloses no fee against which to test it.
The same totals are in Spiko's October 6 post. FinTech Global reports the round and does not state a valuation. Angels include Axel Weber, a former president of the Bundesbank, and the founders of Qonto. Nik Storonsky, co-founder and chief executive at Revolut, is listed among backers of the $120 million raised to date, not among the Series B names.
Spiko says it is now the largest issuer of tokenised cash funds, ahead of BlackRock and Franklin Templeton, citing RWA.xyz. The comparison is about this category, not those firms' overall assets, and the live table did not render when checked. In August 2026 this site reported that BlackRock is tokenising 12 money market share classes on Kinexys, and neither that firm nor Franklin Templeton had a comment on this round in the coverage opened here. The release calls the funds regulated and names no supervisor.
Named responses
“Every person and every organization holds cash, yet whether it earns anything still depends on who you are and how much you have. Yield should be universal. Our ambition is to make all cash earn by default, around the clock.”
Paul-Adrien Hyppolite, co-founder and chief executive at Spiko, said that in the release. Philip Chopin, managing director and head of Europe at NEA, said: “We looked at dozens of companies solving pieces of this problem. We believe Spiko is the only one that's solved the regulatory piece and the product piece at the same time.”
Outside the United States, the release says, money market funds never went mainstream. Spiko's range runs from intraday liquidity to term products, in euros, dollars, sterling and Swiss francs, on multiple public blockchains, via an app or the API. Client types include startups, scale-ups, research institutes, public institutions, venture capital funds and medical practices. No platform that embeds the funds is named.
The sweep is a rule set: cash for payroll and suppliers stays available, spare balances move into a fund that can be drawn the same day, and money not needed for a quarter goes to a fixed-term product. Instant withdrawals are live. Hourly yield is described as coming soon, with no date. An artificial-intelligence agent can edit the rules through the API, the treasury cousin of Constructor's agentic checkout with Link by Stripe.
Embedding a finance product in someone else's workflow is also the bet in Stripe's agreement to acquire embedded-finance firm Parafin. Spiko is attempting the cash version while staying independent. Proceeds go to new funds, new markets and hiring, with teams being added in Germany, Italy, Spain, the Netherlands and the Nordics, beside London and Paris.
What happens next
The release argues that Europe and the United States hold around $50 trillion in cash and deposits, most of it earning little, against policy rates Spiko puts at 2.5% in the euro area and close to 4% in the United States. Each percentage point of yield on that stock, it says, is worth $500 billion a year, captured by banks and large institutions. Those amounts were not re-checked against a central-bank table. Spiko was founded in 2023 by Hyppolite, former deputy head of the Financial Markets division at the French Treasury, and by Antoine Michon, a former technology adviser to the French government who had led deployments at Palantir.
A named embed would put a customer on the distribution multiple. If treasurers will not let a rule touch payroll cash, the book stays specialist and the $800 million valuation is early. Hourly accrual is the test, and it is not switched on. Valon's $150 million raise at a $2.3 billion valuation shows priced rounds still landing on other operating businesses, not that tokenised cash can leave Spiko's own app.
Reporting by Rick Steves. Filed 7 October 2026, 07:17 GMT.
Senior Reporter, Regulation and Fintech
Rick Steves has seen business and economics through many lenses. He joined the financial services industry in 2009, and has been a financial journalist since 2011.
