Paris-based Spiko, a fintech company operating in the European cash management market using tokenised infrastructure, has announced a $22M (nearly €18.96M) Series A funding round.

The investment was led by Index Ventures, with participation from White Star Capital, Frst, Rerail, Bpifrance, and Blockwall.

Individual investors included Revolut co-founder Nikolay Storonsky, Kyriba founder Jean-Luc Robert, Bridge co-founder Zach Abrams, Wise CTO Harsh Sinha, Blackstone co-CIO Lionel Assant, and members of Pennylane’s founding team.

Julia Andre, partner at Index Ventures, says, “Spiko is going after a vast opportunity in treasury management and leveraging their tokenised fund infrastructure to unlock new pools of liquidity through innovative distribution. Their initial product resonates strongly with customers in Europe, and we’re excited about their vision to tap into huge distribution channels with an expansive product offering over time.”

Capital utilisation

Spiko will use the funds to advance its go-to-market strategy. The company plans to allocate capital to sales, marketing, product development, and the acquisition of new partnerships. 

While operations will continue to focus on Europe, Spiko is preparing for future entry into the US market.

Reshaping cash management in Europe

Spiko is addressing a growing shift in how European businesses manage cash. Today, $25T remains in bank deposits across Europe, not earning yield, reducing capital efficiency, and lacking protection. In contrast, businesses in the US routinely earn interest on their cash without giving up liquidity. 

This gap has led to increased interest in cash optimisation tools across Europe, and a push among businesses to diversify deposits.

Paul-Adrien Hyppolite, Spiko co-founder, says, “In Europe, there’s a mistaken belief that your money won’t earn interest unless you lock it away or take on risk. But as long as central bank rates are above zero, sitting on idle cash means European businesses are missing out on returns that US competitors routinely receive. With Spiko, we’re changing the game by making it easy for anyone to put their cash to work.”

Spiko’s solution responds to this shift by offering a way for companies to manage liquidity while earning daily returns. The company is building tokenised infrastructure for cash management, allowing businesses and investors to access money market funds that pay daily interest without limiting liquidity.

Through blockchain technology and API-based access, Spiko removes intermediaries and enables direct interaction with regulated financial instruments.

Founded in 2023 by Paul-Adrien Hyppolite and Antoine Michon, the company draws on experience from both the government and technology sectors. Hyppolite worked at the French Treasury as an economist. Michon was a technology advisor to the Minister of Public Sector Transformation and held roles in the Prime Minister’s digital office and at Palantir.

Spiko targets businesses that are often not served by traditional banks due to high servicing costs. By acting as a transfer agent on a blockchain ledger, replacing the role typically held by custodians, Spiko reduces operational costs and enables continuous cash-equivalent transfers across borders.

The platform’s main funds are backed by Treasury Bills issued by Eurozone governments or the US Treasury. These short-term securities are tied to central bank rates, trade continuously, and do not involve speculative exposure.

Spiko’s tokenised structure also supports transfers using stablecoins. Customers can deposit digital currency and withdraw fiat, or the reverse, offering an alternative to traditional wire payment systems.

The company’s model reflects a broader shift toward direct, programmable financial infrastructure, using tokenisation to open access and lower costs across the cash management value chain.

Reaches $400M in AUM

Spiko claims that it reached $400M (nearly €344.41M) in assets under management (AUM) just one year after launching. More than $900M (nearly €774.93M) in working capital from over 1,000 businesses has been processed through the platform to date.

This growth has been achieved organically, without any dedicated sales effort. It is projected to reach over $1B (nearly €861M) in AUM by the end of the year.

Spiko is ramping up distribution with a platform built with API access from the ground up and has already signed partnerships with Fygr and Memo Bank to offer Spiko’s product to their customers.