Spiko raises $90M to take on BlackRock in tokenized cash funds

A three-year-old Paris startup just raised $90 million to go after one of the most boring, and most lucrative, corners of finance: parking cash. Spiko, which builds tokenized money market funds, closed a Series B round on October 6, 2026. It now plans to compete more directly with giants like BlackRock in the cash fund business. The round, the backers, the numbers New Enterprise Associates (NEA) led the financing. Existing backers Index Ventures and White Star Capital returned, joined by new investors that include Axel Weber, the former president of the Bundesbank. With this round, Spiko’s total funding since its 2023 founding comes to approximately $120 million. The company says the capital will fuel expansion across Europe and the US, along with new products in tokenized cash and yield. The jump in scale is notable. Spiko’s Series A in July 2025 was a $22 million raise led by Index Ventures, with angel investors including Revolut’s Nikolay Storonsky. The more telling number is assets under management. Spiko held $2.6–2.7 billion in AUM as of late September 2026. That growth came quickly. The firm crossed $1 billion in February 2026, then hit $2 billion in July 2026, adding a bill...