Spiko's $90M Bet: Making Every Dollar Earn

Jan de Vries · 2026-10-06

Spiko just raised $90 million to go after something most of us don't think twice about: the cash sitting idle in our bank accounts. And honestly, it's about time someone did. The Paris- and London-based fintech closed a Series B round of €80.03 million ($90 million), led by New Enterprise Associates (NEA), a global VC firm managing over $38 billion in assets. That's on top of an $18.9 million Series A from July 2025, bringing total funding to roughly $120 million. Existing backers Index Ventures, Speedinvest, and White Star Capital returned for the ride, joined by a heavyweight crew: Bpifrance, Flourish Ventures, Shapers, Blockwall, Frst, EQNX, Mirana Ventures, and Wintermute Ventures. Even Axel Weber, former president of the Bundesbank, threw in his own money. When a central banker bets on your startup, people pay attention. ### What Spiko Actually Does Founded in 2023 by Paul-Adrien Hyppolite and Antoine Michon, Spiko designs and distributes its own regulated cash funds. Hyppolite previously served as Deputy Head of the Financial Markets division at the French Treasury. Michon was a technology advisor to the French government and led deployments at Palantir. Their funds come in four currencies — euro, dollar, pound sterling, and Swiss franc — and you can access them through a web or mobile app. There's also an API that lets financial platforms embed Spiko's funds directly into their own products. Here's the kicker: Spiko issues its funds on blockchain infrastructure. That's made it the world's largest issuer of tokenised cash funds, ahead of BlackRock and Franklin Templeton. Because it runs on the same rails as stablecoins and smart contracts, cash becomes programmable. A company can set its treasury rules once and let Spiko execute them continuously, turning idle cash into yield-bearing funds without lifting a finger. > "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." — Paul-Adrien Hyppolite, co-founder and CEO ### The $50 Trillion Problem Europe and the US collectively hold around $50 trillion in cash and deposits. Most of it earns little or nothing. With central bank rates at 2.5% in the euro zone and close to 4% in the US, each percentage point of yield on that pile represents roughly $500 billion annually. Where does that money go? Mostly to banks and large financial institutions. Individuals, small businesses, and everyone else get left out. Spiko wants to change that. In just two years, the company has grown to over $2.7 billion in assets under management — a more than fivefold jump in the past 12 months. It now serves more than 10,000 businesses and individuals across 25+ jurisdictions, including startups, VC funds, research institutions, public institutions, and even medical practices. Traditional money market funds were built around business-hours markets. Spiko is betting on a world where money moves continuously through software and AI agents. That's a different game entirely. ### What's Next for Spiko The fresh capital will fuel new fund launches, market expansion, and team growth. Spiko already operates from hubs in Paris and London and is building local presence across Germany, Italy, Spain, the Netherlands, and the Nordics. Philip Chopin, Managing Director and Head of Europe at NEA, put it simply: "Paul-Adrien and Antoine are building the default home for cash. Money market funds are where trust is earned, and the same model extends naturally to new markets and new products." If Spiko pulls this off, the days of your cash sitting idle might be numbered. And that's probably good news for everyone who isn't a bank.