Spiko Secures $22 Million in Series A Funding to Bridge European Cash Yield Gap

Spiko, a pioneering platform for tokenized money market funds, has announced the successful completion of its Series A funding round, securing $22 million. This round was led by Index Ventures, with additional support from White Star Capital, Frst, Rerail, Bpifrance, and Blockwall. The funding round also attracted notable angel investors, including Revolut co-founder Nikolay Storonsky, Kyriba founder Jean-Luc Robert, Bridge co-founder Zach Abrams, Wise CTO Harsh Sinha, Blackstone co-CIO Lionel Assant, and Pennylane's founding team.

Spiko's mission is to bridge the cash yield gap between Europe and the U.S. by providing businesses with the ability to earn daily interest on their cash without the need for lock-ups. This is facilitated through Europe's first tokenized money market funds, which leverage blockchains such as Ethereum, Arbitrum, and Polygon to make these funds more accessible to smaller businesses often overlooked by traditional financial institutions. By acting as a transfer agent on a blockchain ledger, Spiko eliminates the need for legacy custodians and intermediaries, thereby reducing costs and enabling 24/7 cash-equivalent transfers globally.

The funds managed by Spiko invest in highly liquid, low-risk assets such as Eurozone and U.S. Treasury bills, which are backed by sovereign guarantees and tied to central bank rates. Additionally, the platform supports stablecoin transfers as an alternative to wire payments, allowing customers to move funds seamlessly between digital currencies and fiat.

With the newly acquired capital, Spiko plans to accelerate its growth in Europe by investing in sales, marketing, product development, and strategic partnership acquisitions. The company also aims to lay the groundwork for future expansion into the U.S. market. Founded by Paul-Adrien Hyppolite and Antoine Michon, former French Treasury and government officials with experience at Palantir, Spiko has already processed over $900 million of working capital from more than 1,000 businesses in its first year. The company projects to reach $1 billion in assets under management by the end of 2025.

According to Spiko, approximately $25 trillion in European bank deposits are currently idle, missing out on potential yields and capital efficiency. This contrasts with the U.S., where businesses routinely earn interest on cash without sacrificing liquidity. The growing demand for better cash optimization is driving European firms to diversify their deposits, and Spiko aims to close this cash yield gap by offering businesses daily interest without lock-ups.

Spiko's co-founder, Paul-Adrien Hyppolite, addressed the common misconception in Europe that money won't earn interest unless it is locked away or risk is taken. He emphasized that as long as central bank rates are above zero, sitting on idle cash means European businesses are missing out on returns that U.S. competitors routinely receive. With Spiko, the goal is to make it easy for anyone to put their cash to work.

Julia Andre, partner at Index Ventures, commended Spiko's approach, stating that the company is pursuing a significant opportunity in treasury management. By leveraging their tokenized fund infrastructure, Spiko is unlocking new pools of liquidity through innovative distribution. Andre noted that Spiko's initial product has strong resonance with customers in Europe, and the firm is excited about their vision to tap into extensive distribution channels with an expansive product offering over time.