Spiko, a Paris‑based fintech platform, announced on Tuesday that it closed a $22 million Series A round led by Index Ventures, with backing from White Star Capital, Frst, Rerail, Bpifrance and Blockwall.
Angel investors such as Revolut co‑founder Nikolay Storonsky and Wise CTO Harsh Sinha also joined the financing. The capital will help Spiko roll out tokenised money market funds across Europe, letting businesses earn daily interest on idle cash without locking it up.
Series A Funding and Investors
Index Ventures, the lead backer, has previously supported fintech names like Robinhood and Revolut.
Julia Andre, partner at Index, said she was impressed by Spiko’s early traction and its clear vision to tap vast liquidity pools through tokenisation.
Other participants included strategic founders and executives from Kyriba, Bridge, Blackstone and Pennylane, underscoring strong confidence in Spiko’s approach.
Spiko points out that around $25 trillion sits idle in European bank accounts, earning little or no return. In the U.S., by contrast, companies routinely earn interest on cash while keeping it liquid.
Co‑founder Paul‑Adrien Hyppolite, a former French Treasury official, argued that European firms are missing out as long as central bank rates remain above zero.
He said Spiko’s platform will let businesses put cash to work every day without giving up access.
Tokenised Money Market Funds Explained
Spiko describes its offering as Europe’s first tokenised money market fund. It uses blockchains such as Ethereum, Arbitrum and Polygon to record fund shares on a distributed ledger.
Customers deposit euros, receive tokens representing low‑risk assets like Eurozone and U.S. Treasury bills, and earn interest daily.
Funds remain backed by sovereign guarantees and track central bank rates. This model cuts out legacy custodians and intermediaries, reduces costs and enables transfers around the clock.
Early Traction and Growth Plans
Since launching last year, the nine‑person startup says it has processed over $900 million in working capital from more than 1,000 businesses.
Spiko plans to deepen ties with partners such as Memo Bank and Fygr to boost distribution. The team aims to hit $1 billion in assets under management by year-end 2025.
The new funding will be used to expand sales, marketing and product development, and to explore partnerships that enhance market reach.
Financial Efficiency Meets Innovation
By acting as a transfer agent on a blockchain ledger, Spiko removes the need for multiple middlemen. Clients can shift funds instantly between fiat and stablecoins if they choose, offering flexibility that wire transfers cannot match.
The platform’s design also supports automated compliance and anti‑money laundering checks, meeting regulatory requirements while maintaining speed.
Future Outlook
Spiko intends to use the fresh capital to cement its lead in Europe and lay the groundwork for a U.S. launch.
As more businesses seek to optimise treasury management, tokenised funds may offer a new path to liquidity and yield. Regulators and incumbents will watch closely to see if this model can scale across varied markets.
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