Tokenised money market fund: Spiko raises €18.5 million in Series A

Thursday, July 17, 2025

Buoyed by the success of its funds launched in 2024, the French start-up has just completed a new round of financing with renowned funds such as Index Ventures. Revolut's CEO is one of the investors.

Few players manage to rival BlackRock and other giants such as Franklin Templeton. Yet that's what Spiko is managing to do in the field of tokenised money market funds.

Founded in 2023, the French start-up has carved out a fine niche for itself in this sector. In twelve months, its two funds - in euros and dollars - have well exceeded €300 million in assets under management (€335 million), positioning Spiko in the global top 10; only BlackRock's "Buidl" fund has passed the $1 billion mark in assets under management ($2.8 billion).

Boosted by this momentum, Spiko has just completed a new round of funding: €18.5 million as part of a Series A (following a €4 million fundraising in 2024).

According to our information, the start-up is now valued at €78 million.

"We're taking things one step at a time. We started by making it possible to do something simple: facilitate access to yield. And this strategy has paid off. There is a real need for this product, especially among businesses", explains Paul-Adrien Hyppolite, co-founder and CEO of Spiko.

In just one year, Spiko boasts more than 1,000 customers.

A number of funds participated in this Series A. This was the case for Index Ventures, which led the round. White Star Capital, Blockwall and Bpifrance, which placed a small portion of its cash with Spiko, also contributed.

Several figures from the crypto and fintech industry also invested, including Revolut boss Nikolay Storonsky and Zach Abrams, co-founder of Brige - acquired in 2024 by Stripe.

Accelerate marketing and development in Europe

With this new money, Spiko, which currently employs 11 people, plans to hire. The company could reach around 20 staff by the end of 2025.

The aim of this recruitment is twofold: firstly, to accelerate the distribution of tokenised money market funds - euros and dollars. "Until now, we have grown organically, but now we want to accelerate the marketing of products in France and gradually in Europe", explains Paul-Adrien Hyppolite.

The other priority for the Paris-based start-up is to improve its products. "There is a risk that tokenised money market funds will become commoditised," stresses the fund manager. The best example of this phenomenon is ETFs, where the giant BlackRock has precisely managed to capture a significant share of the market - both in traditional markets and in Bitcoin ETFs.

The world's leading tokenised money market funds (USTBL is Spiko's dollar tokenised money market fund)

To counter this trend, Spiko intends to improve API distribution of its funds (via fintechs), optimise payment rails (inflows and outflows of funds) and launch a "cash and carry" product, which in a few weeks' time will make it possible to obtain yields higher than the risk-free rate (US or sovereign bonds).

"By doing this, we could reach €1 billion in assets under management by the end of the year and become the second largest player in the market behind BlackRock", projects Paul-Adrien Hyppolite.

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This analysis is not investment advice. It has been prepared without taking into account your personal situation, particularly your financial situation, risk profile, and investment objectives.

Before investing in any product, investors should fully understand the risks involved and consult their own legal, tax, financial, and accounting advisors.

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