NEA leads Spiko’s $90M Series B to expand access to cash yield

Spiko, a provider of tokenised cash funds, has raised $90 million in a Series B funding round led by New Enterprise Associates (NEA), bringing its total funding to $120 million. The round also included participation from Index Ventures, Speedinvest and White Star Capital, alongside angel investors including the founders of Qonto and Axel Weber, former president of the Bundesbank.

Spiko was founded to broaden access to yield on cash. Europe and the United States hold around $50 trillion in cash and deposits, much of which earns little or no return. While banks and large institutions can access the wholesale financial system to generate yield on their cash, smaller businesses, entrepreneurs, nonprofits, and financial institutions often have more limited access to similar opportunities.

Every person and every organisation 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,

said Paul-Adrien Hyppolite, co-founder and CEO of Spiko.

The company develops its own range of regulated cash funds, from products offering sub-daily liquidity to fixed-term options. Businesses can access them through Spiko’s desktop and mobile app, while companies and financial platforms can integrate the products into their own services through an API.

Its clients include startups, scaleups, research institutes, public institutions, venture capital funds and medical practices, with products available across the euro, US dollar, sterling and Swiss franc.

Spiko is also developing its products around the growing need for cash to move continuously through software, rather than being constrained by traditional market, payment and accounting hours. Its funds currently offer instant withdrawals, with the company planning to introduce yield that accrues continuously.

The funds are issued onchain, allowing them to operate on the same infrastructure as stablecoins and smart contracts. Spiko says it has become the world’s largest issuer of tokenised cash funds, ahead of BlackRock and Franklin Templeton.

This infrastructure is designed to make cash programmable and automate treasury management. Companies can set rules determining how much cash remains in operating accounts for expenses such as payroll and supplier payments, automatically move excess funds into liquid products, and allocate cash that is not immediately needed to fixed-term funds. These rules can also be adjusted through Spiko’s API by treasury management systems or AI agents.

Spiko will use the new funding to launch additional funds, enter new markets and expand its team. The company operates from hubs in Paris and London and is building local teams across Europe, including in Germany, Italy, Spain, the Netherlands and the Nordics.