Invest7 publishers2 min readPublished
NEA leads $90 million bet on Spiko's $2.6 billion of tokenized cash funds
Spiko, a Paris issuer of tokenized money market funds, raised a $90 million Series B led by NEA after reaching about $2.6 billion in assets. The figures put Spiko at the front of Europe's tokenized fund issuers and show little so far about whether it can win cash away from incumbents such as BlackRock.
The Investor · Invest desk
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What happened
- Spiko's assets crossed $1 billion in February 2026 and $2 billion in July, adding a billion dollars in about five months.
- Total funding since the 2023 founding is now about $120 million, up from a $22 million Series A led by Index Ventures in July 2025.
- Index Ventures and White Star Capital came back for the round, and the new backers include Axel Weber, former president of the Bundesbank.
- The funds hold Eurozone and US Treasury bills and accrue interest daily, and their shares move on public blockchains.
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Why it matters
- constraint The US half of the expansion is in a market where businesses already have easy access to money market products, so the yield-gap pitch Spiko uses with European SMEs will not carry it there.
- exposure With about one dollar of equity raised per $22 of fund assets and no fees disclosed, the venture backers' return depends almost entirely on assets continuing to grow by roughly $200 million a month.
- capability Holders of EURC and USDC can move straight into a UCITS Treasury bill fund, so Spiko can gather assets without first persuading a client to leave an incumbent cash manager.
Spiko's assets went from $1 billion in February to $2 billion in July [7], about $200 million of new money a month [15]. The next stretch, to $2.6-2.7 billion by late September [4], added $600-700 million in two to three months [16]. That is at or above the earlier pace.
NEA priced the round on that run. The report does not include Spiko's fees, its revenue, the round's valuation or any figure for BlackRock's cash funds. At $90 million the round is about four times the $22 million Series A of July 2025 [14][19]. It brings total funding to roughly $120 million [3], or about one dollar of equity for every $22 of fund assets [18].
The BlackRock comparison is Spiko's own positioning, as Crypto Briefing reports it [12]. The report puts Spiko's advantage down to building for public blockchains from day one under European rules while incumbents adapt legacy products, and it adds the words "if it holds" [12]. The lead you can actually measure is over other tokenized issuers in Europe [5].
The round can play out three ways. In Europe, Spiko sells a treasury tool to businesses and SMEs [11]. According to the report, smaller European companies have had fewer convenient money market options than American ones [10], so here Spiko is selling a product many buyers did not have before. In the US, which the new money is also meant to reach [6], businesses have long had easy access to money market products [10]. Spiko's pitch there comes down to daily interest accrual and on-chain transfer [8], offered to treasurers who already hold cash funds. The third route is the October deal with Fipto, which lets holders of EURC and USDC move straight into Spiko's funds through platforms such as Coinhouse [17]. That money comes out of stablecoin balances, not out of an incumbent's fund.
I think the evidence supports the European and stablecoin readings and does not yet support the American one. Spiko runs UCITS-compliant funds under AMF oversight [13]. They hold Eurozone and US Treasury bills and are backed by sovereign T-bills or collateralized swaps [8]. Its venture backers, Axel Weber among them [2], are paying for an asset base several times the current one. Two things would prove the competitor thesis: a separate US asset figure growing at anything near the $200 million a month the whole business added between February and July [15], or named corporate clients moving cash out of incumbent funds and into Spiko's.
What to watch
- Whether Spiko's next $1 billion of assets arrives within about five months, the pace it set between February and July 2026.
- Volumes through the Fipto and Coinhouse stablecoin route, the channel that does not depend on winning clients from incumbent funds.
- What the planned new products in tokenized cash and yield turn out to be, and whether they carry the same UCITS and AMF status as the existing funds.