Spiko raises $90m for tokenised cash funds, including in sterling
Spiko, a London and Paris-based issuer of tokenised cash funds, announced a $90 million Series B round on 6 October 2026. The round was led by New Enterprise Associates (NEA) and takes the company's total funding to 120 million dollars, according to The Block and Tech.eu.
A tokenised cash fund is a money market style fund whose shares are recorded as tokens on a blockchain, so they can be held and moved around the clock. Spiko says its funds are denominated in euros, US dollars, sterling and Swiss francs.
What Spiko's NEA-led Series B pays for
Index Ventures and Speedinvest are named as co-investors in both reports. The Block also lists Bpifrance and Wintermute Ventures, while Tech.eu lists White Star Capital, so the full investor list differs between the two sources. Both name Axel Weber, the former president of the Bundesbank, among the angel investors.
Spiko says it will use the money to launch new funds, enter additional markets and expand its team, including local operations in Germany, Italy, Spain, the Netherlands and the Nordic countries. It describes its range of tokenised cash funds as the largest among issuers, ahead of BlackRock and Franklin Templeton, citing data from RWA.xyz, an industry tracker.
The company is careful about that claim. It says the comparison is a ranking among issuers of tokenised cash funds, not a comparison of the firms' overall assets under management.
Why startup treasury is the customer to watch
Tech.eu reports that Spiko's customers include startups, scaleups, research institutes, public institutions and venture capital funds. The funds offer sub-daily and fixed-term liquidity, and can be reached through desktop and mobile apps or an API, the technical connection that lets a company's own finance software talk to Spiko's.
That customer list is the point for UK founders. A scaling company holding several million pounds of cash between funding rounds is exactly the buyer a cash fund that settles outside bank hours is designed for. Paul-Adrien Hyppolite, Spiko's co-founder and chief executive, argued that every person and organisation holds cash and that yield should be universal, as reported by Tech.eu.
The evidence of adoption is company reported. The Block cites assets under management of 2.7 billion dollars, more than 10,000 users and operations across more than 25 jurisdictions, but these are Spiko's own figures and neither source says they have been independently verified.
Where the sterling tokenised fund sits in the UK picture
Spiko lists sterling among its fund currencies and Tech.eu describes hubs in Paris and London. Neither source says which regulator authorises the sterling fund, where it is domiciled or how much it holds, and those details could not be confirmed. UK readers should treat them as open questions until Spiko publishes fund documents.
The timing matters because UK rules are moving. The Financial Conduct Authority (FCA) published guidance on 30 April 2026 on how asset managers can use distributed ledger technology for fund tokenisation within existing rules. A European issuer scaling a sterling product is an early test of how much of that guidance turns into real products, and of whether UK startups and funds adopt them. UK banks, meanwhile, have begun live tokenised sterling deposit payments, covered in earlier reporting on tokenised deposits.
Frequently asked questions
How much did Spiko raise in its Series B and who led it?
Spiko announced a $90 million Series B on 6 October 2026, led by New Enterprise Associates (NEA). The round takes its total funding to $120 million, with Index Ventures and Speedinvest named as co-investors.
What is a tokenised cash fund?
A tokenised cash fund is a money market style fund whose shares are recorded as tokens on a blockchain, so they can be held and moved around the clock.
Does Spiko offer a sterling tokenised cash fund?
Spiko says its funds are denominated in euros, US dollars, sterling and Swiss francs. The sources reviewed do not say which regulator authorises the sterling fund, where it is domiciled or how much it holds.
What will Spiko use its $90 million Series B funding for?
Spiko says it will launch new funds, enter additional markets and expand its team, including local operations in Germany, Italy, Spain, the Netherlands and the Nordic countries.
How large is Spiko by assets under management?
The Block cites assets under management of 2.7 billion dollars, more than 10,000 users and operations in more than 25 jurisdictions. These are Spiko's own figures, and neither source says they have been independently verified.
This is general information, not legal, tax or investment advice.
Key takeaways
Spiko announced a 90 million dollar Series B led by NEA on 6 October 2026, bringing its total funding to 120 million dollars.
The company issues tokenised cash funds in euros, US dollars, sterling and Swiss francs, with hubs in London and Paris.
Spiko says it will launch new funds and open local operations in Germany, Italy, Spain, the Netherlands and the Nordic countries.
Its claim to be the largest issuer of tokenised cash funds is a ranking among issuers, not a comparison of total assets under management.
Assets under management of 2.7 billion dollars and more than 10,000 users are company figures, and the regulatory status of the sterling fund is not stated in the sources reviewed.
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