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Freedom251 › Blog › blockchain

Spiko Raises $90 Million to Expand Tokenized Cash Funds Across Markets

By Freedom251 Team · · 3 min read

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Spiko announced a $90 million Series B on October 6, 2026, led by New Enterprise Associates (NEA). The company says it will use the proceeds to develop new products, enter additional markets and expand its team. The round is a financing announcement—not evidence that every planned fund or market is already available.

Who invested, and what is the scale of the round?

NEA led the Series B, according to Spiko’s October 6, 2026 announcement. The Block reported that Index Ventures, Bpifrance, Speedinvest and Wintermute Ventures also participated. It said the financing brings Spiko’s total funding to $120 million.

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The Block also relayed figures Spiko provided at the time of the announcement: $2.7 billion in assets under management and more than 10,000 business and individual users across more than 25 jurisdictions. These are company-reported figures, not independently audited metrics. They describe reported scale, not a guarantee of returns or a measure of fund safety.

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What does Spiko offer?

Spiko designs and distributes regulated cash funds. Customers can access them through the company’s web and mobile apps; financial firms can integrate access through an API. The currencies reported for its funds include euros, U.S. dollars, pounds sterling and Swiss francs, according to Spiko’s product information.

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Tokenization represents interests in a fund on a blockchain. In a financial product, that can make fund records available in software-based workflows and support integrations, but it does not by itself change the fund’s underlying investment mandate or remove its legal and operational requirements.

How the funds have been structured

A September 18, 2024 presentation hosted by the European Central Bank described Spiko EU T-Bills and US T-Bills money market funds. It said the EU fund invested in euro-denominated government bonds and money-market instruments, while the US fund invested in U.S. government instruments; it listed Ethereum and Polygon as launch blockchains. That is historical information, not confirmation of current availability or structure. Investors should consult the current documentation for the specific fund before relying on its assets, network, liquidity, fees, eligibility rules or legal protections. The ECB-hosted presentation provides the dated context.

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How Spiko says it will use the funding

Spiko says the proceeds will support new products, expansion into additional markets and team growth. The Block reported that Spiko plans local operations in Germany, Italy, Spain, the Netherlands and the Nordics. The announcement describes intended use and expansion plans; it does not establish a launch date or confirm that services are currently offered in each location.

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What the ratings and regulatory statements do—and do not—show

Spiko’s blog index lists a September 20, 2026 post saying S&P Global Ratings assigned Smart Cash Euro a AAAf fund credit quality rating and an S1+ fund volatility rating. Those ratings apply to Smart Cash Euro specifically. They are not a guarantee of performance, do not establish ratings for other Spiko funds and should not be treated as a substitute for reading the fund’s current documents. Spiko’s blog index identifies the dated post.

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Spiko says Spiko Finance is licensed by France’s ACPR as an investment firm and that client funds are held by CACEIS Bank, not Spiko. These are company statements about its arrangements. They do not, on their own, establish the investor-protection regime, custody terms or eligibility conditions for a particular fund or investor. Those details depend on the current fund documentation and the relevant jurisdiction. Spiko’s site sets out the company’s statements.

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Why tokenized cash funds still face practical constraints

The ECB-hosted 2024 presentation identified potential benefits of tokenization, including lower entry thresholds, transparency and operational efficiencies. These are possibilities, not guaranteed outcomes for every product. It also highlighted interoperability gaps, evolving technology, limited market confidence and differences in national regulation. In practice, a blockchain-based record does not ensure that systems work smoothly across networks or that a fund is available under the same rules in every market. The presentation discusses these benefits and constraints.

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Spiko’s new capital signals a push to broaden its product range and geographic reach. Whether that translates into an appropriate option for a particular investor depends on the specific fund’s mandate, fees, redemption terms, custody and legal structure, supported network, rating and eligibility rules—not on the size of the funding round alone.

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