Spiko and the Future of Cash

Why NEA is thrilled to lead Spiko’s $90M Series B Financing and support the company’s mission to make yield universal.

Too many businesses pay to lose money. More precisely, they pay management, performance, and transaction fees to hold cash that loses purchasing power every year on an inflation-adjusted basis. It is a global problem measured in the trillions, and particularly acute in Europe, where incumbent banks and asset managers keep a disproportionate share of the economics.

That fundamental problem is compounded by a stack of secondary inefficiencies. Opening a simple account requires engaging a salesperson. Onboarding can take months, sacrificing accrual along the way. Cash sits walled off from the software systems enterprises actually use to run their businesses. Redeeming funds early comes at a punitive cost, when it is possible at all.

The superficial fixes on offer today only make things worse. Flashy headline rates attract attention but band-aid the underlying structural problem, while obscuring account limits, hidden fees, and a complete lack of programmability.

The root problem is infrastructural. The plumbing beneath corporate cash is 20th-century technology, built decades before software-native finance teams existed. Each layer is operated by a different institution on a different ledger, reconciled by overnight batch files, and exposed to customers through dated interfaces. The result is a market where businesses collectively forfeit billions of euros of yield every year, simply because the infrastructure beneath their cash has not been rebuilt for the modern era.

Enter Spiko, the Paris and London-based platform tackling this problem. Today, we’re thrilled to announce our Series B lead investment in the company and to partner with them as they work to shape the future of money.

The Bigger Picture: Tokenization

Before we can talk about Spiko, we have to talk about tokenization, the next foundational shift in financial infrastructure. Across asset classes from real estate to public equities to commodities assets are being moved onto shared ledgers that update 24/7 and plug directly into software. The immediate benefit is that ownership and balances live on a single, programmable ledger, which enables instant settlement, continuous accrual of yield, and software-driven workflows instead of batch processes and manual operations.

The same structure is also a natural foundation for the AI agents that will increasingly run finance functions. On legacy bank and transfer-agent infrastructure, automating treasury is hard because every action requires reconciling siloed ledgers and waiting on overnight files. On a tokenized stack, an AI agent can execute smart contracts, automatically sweep surplus cash into yield, post collateral, rebalance exposures within guardrails, and turn what are today static treasury balances into always-on, self-optimizing systems. Cash is the natural beachhead for this shift because it is the largest, most homogeneous, and most universally held asset on every corporate balance sheet.

Spiko: Simpler, Faster, and More Transparent

Spiko gives European and British businesses a single place to sweep idle cash into daily-liquid, sovereign-backed yield via a modern web app and API, without ever touching an asset-manager portal or legacy bank workflow. The company sources high-quality sovereign and government money-market funds from partners, wraps them in a regulated UCITS structure, and issues the shares as tokens on public blockchains while running the registry, transfer-agent, and NAV infrastructure itself.

On a day-to-day basis, the CFO recognizes three points of incremental value: materially higher, risk-appropriate yields than their banks or B2B fintechs; onboarding in hours rather than the multi-week, sales-driven setups of incumbent portals; and a programmable experience where they can see accrued interest and liquidity in real time.

The traction reflects the immediate and step-function incremental value: roughly $2.7B in AUM and 10,000+ customers, making Spiko the largest tokenized cash fund globally, with more individual holders than the rest of the category combined.

The World-Class Founder-Market Fit We Believe In

It is hard to imagine a better set of founders to tackle a generational problem in European financial infrastructure. Paul-Adrien Hyppolite was previously responsible for the regulation of financial instruments markets at the French Treasury, and holds degrees in economics and finance from École normale supérieure and École polytechnique. Co-founder Antoine Michon served as a ministerial advisor in charge of the digital transformation of the French State, after leading deployment at Palantir, and is an École polytechnique–trained applied mathematician. Together, they combine deep regulatory fluency, state-scale systems experience, and credibility with European institutional counterparties… a profile well suited to persuading the largest financial institutions in Europe to partner with a two-year-old startup.

A Global Story

It would be easy to read Spiko as a European story. Indeed, Europe is the clearest product-market-fit beachhead because non-financial corporates there earn meaningfully worse yield than their global peers, are stuck with under-invested bank tech, and operate inside a regulatory regime where Spiko has already done the hard work of assembling the full licensed stack.

But we believe the opportunity is fundamentally global. The pain Spiko solves i.e., idle operating cash earning near-zero, locked behind legacy bank workflows, disconnected from the software finance teams actually use exists in nearly every developed and emerging economy. The same architecture that wins European corporate cash today (regulated wrapper, tokenized registry, programmable UX, deep partner integrations) is the right architecture for the U.S., Latin America, Asia, and beyond.