Spiko, the London and Paris-based FinTech behind a platform for tokenised money market funds, has raised $90m in a Series B round as it looks to expand access to yield-generating cash products.

New Enterprise Associates (NEA) led the round, with participation from Index Ventures, Bpifrance, Speedinvest, Flourish Ventures, Shapers, White Star Capital, Blockwall, Frst, EQNX, Mirana Ventures and Wintermute Ventures. Several angel investors also joined the round, including former Bundesbank president Axel Weber and the founders of Qonto. The latest funding takes Spiko’s total capital raised to $120m.

Spiko is targeting the roughly $50tn held in cash and deposits across Europe and the US, arguing that a significant portion generates little or no return for its owners. The company says banks and large institutions can access wholesale markets to generate returns on cash, while entrepreneurs, smaller businesses, nonprofits and smaller financial institutions often lack the same access.

Money market funds provide an established route to earning returns on cash, but Spiko argues that adoption outside the US remains limited. The company also believes traditional money market infrastructure is poorly suited to an environment where payments and treasury operations increasingly run around the clock through software and AI agents. Spiko’s funds already support instant withdrawals, with the company planning to introduce yield that accrues every hour of every day.

Spiko issues and distributes its own range of regulated cash funds, covering products designed for intraday liquidity through to fixed-term options in euros, US dollars, sterling and Swiss francs. Customers can access the funds through Spiko’s desktop and mobile applications, while financial platforms can integrate the products through an API.

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