Spiko Raises $90M as Tokenized Cash Funds Reach $2.7B

Spiko’s $90M round funds European expansion

Participants include Index Ventures, Bpifrance, Speedinvest and Wintermute Ventures, alongside angels including former Bundesbank president Axel Weber and Qonto’s founders. The company is building local teams in Germany, Italy, Spain, the Netherlands and the Nordics.

Spiko did not disclose a valuation, the investors’ ownership stakes or how it will divide the proceeds among its three stated priorities. The announcement establishes financing and expansion plans, rather than a completed rollout in each named market.

Its July 17, 2025 Series A release reported a $22 million round led by Index Ventures, more than $400 million in assets under management and over 1,000 business customers. It also identified partnerships with treasury software provider Fygr and Memo Bank.

That earlier disclosure already described a platform built for financial-company integrations. October’s financing expands an existing distribution strategy, rather than marking Spiko’s first use of tokenization or its first attempt to reach customers through other businesses.

The historical customer figures are not perfectly comparable. July’s count covered businesses, while the latest announcement combines businesses and individuals. They show reported expansion, but do not establish a precise growth rate for business accounts alone.

The same distinction applies to capital and assets. Venture funding supports the operating company; assets under management describe money entrusted to its investment products. The $90 million raise should not be added to the $2.7 billion fund base as if both measured customer inflows.

The funding release does not break the customer asset total down by currency, fund or blockchain. That limits what can be concluded about any individual network’s adoption. It also does not identify how much of the latest asset growth came through Spiko’s applications versus distribution partners.

Tokenized cash shares differ from bank deposits

Spiko’s tokenization guide explains that blockchain networks maintain the ownership registry. It describes transfers among clients at any time and an option for investors to hold shares in a wallet they choose.

The funds retain administrative rights over shares. That structure pairs blockchain records with regulated administration, rather than making ownership a purely unrestricted transaction between anonymous wallets. The document also distinguishes the technical infrastructure from exposure to Bitcoin or Ether.

A fund share represents an investment interest. It is different from the commercial-bank deposit claims used in HSBC’s UAE tokenized-deposit pilot, even if both arrangements use blockchain records. The asset backing the record determines the financial exposure.

For a concrete example, Spiko’s Treasury Bills Euro fund page identifies short-term Treasury bills from core eurozone countries as its investment mandate. It lists a 0.25% annual management fee and CACEIS as depositary bank and accounting provider.

The displayed yield is net of fees, calculated from the previous 31 days and updated daily. It fluctuates with Treasury bill yields. A quoted annualized figure therefore does not lock in the same future return, and tokenization does not change the portfolio’s source of income.

Those characteristics belong to the named euro T-bill product. Spiko’s broader cash-fund range should not be treated as one identical portfolio with one common fee, risk profile or redemption schedule. Its financing announcement spans funds in euros, dollars, sterling and Swiss francs.

Corporate treasury automation and tokenized high-yield credit also serve different investment needs. Putting both on public blockchains does not make their underlying assets interchangeable.

Spiko’s 24/7 withdrawals have euro limits

Spiko’s deposit and withdrawal documentation gives a narrower description of instant bank access than the announcement’s broad treasury ambition. It identifies instant withdrawals from Spiko Euro and Spiko T-Bills Euro, using SEPA Instant, with funds arriving within minutes.

That service operates 24/7 for amounts up to €500,000 per day. Amounts above the daily threshold follow standard withdrawal processing. Standard cutoffs and settlement times depend on the product and currency.

Bank-account ownership must also match the customer: an individual’s account for an individual investor, or an account in the same legal entity’s name for a company. Blockchain availability does not remove these checks or make every payment destination eligible.

The distinction is consequential for payroll and supplier payments. A company can automate an instruction, but it still needs to account for the route, currency and withdrawal schedule before assuming the proceeds will reach a bank account immediately.

For example, the documented daily euro limit means a larger planned payment can require standard processing for the excess. Scheduling the software instruction and confirming the bank balance are separate steps. The practical benefit of automation therefore depends on matching treasury rules to the product’s actual settlement conditions.

Access also remains jurisdiction-dependent. Spiko’s onboarding restrictions list the United States among excluded countries as of October 7 at 01:05 UTC. A U.S. venture firm’s investment does not establish a U.S. customer launch.

Source: Alternative.me, which showed 71, or Greed, versus 73 a day earlier. The Bitcoin-focused measure does not track Spiko fund performance.

Next developments include named fund launches, expansion milestones and terms for continuous interest calculation. The reviewed announcement does not specify those dates or quantify savings from automated treasury operations, leaving the product timetable and measured customer benefits to subsequent disclosures.