PomegraSpiko raised a $90M Series B led by NEA at an $800M valuation to expand regulated tokenized money-market funds for corporate treasuries across Europe.
Key Takeaways
- Spiko closed a $90M Series B led by NEA, valuing the Paris and London company at $800M.
- Assets under management rose from about $400M in July 2025 to $2.7B in October 2026.
- Total funding reaches $120M, with new local teams planned in five European markets.
Lead
Spiko, a co-headquartered Paris and London startup that issues money-market funds as tokens on public blockchains, announced a $90M Series B on October 6, 2026. NEA led the round, and Index Ventures returned as a follow-on investor after leading the company's $22M Series A in July 2025. The round values Spiko at $800M and lifts total funding to $120M.
The company will use the money to launch new funds, open new markets and build local teams in Germany, Italy, Spain, the Netherlands and the Nordic countries. It serves more than 10,000 businesses and individuals in over 25 jurisdictions.
What Does Spiko Actually Sell?
Spiko sells shares in money-market funds that hold short-term government debt, and it records ownership of those shares as tokens on public blockchains. Customers hold euros, dollars, sterling or Swiss francs, and the funds invest in treasury bills from major euro-area governments and the US Treasury.
Clients reach the funds through a desktop app, a mobile app or an API that other software can embed. Products range from intraday-liquidity funds to term products. The pitch is a cash account that earns a money-market yield and can be programmed with automated treasury rules.
The funds are not unregulated crypto instruments. Spiko's products are UCITS-authorized by France's Autorité des Marchés Financiers, which allows distribution in France and across the European Economic Area. The flagship EUTBL and USTBL treasury-bill funds launched in 2024. SAFO, a fund run with Amundi that holds an overnight swap, launched in March 2026 and reached $1B in assets by July with more than 6,500 users.
How Fast Has Spiko Grown?
Assets under management grew more than fivefold in 12 months, from roughly $400M in July 2025 to $2.7B. Client numbers over the same period rose from about 1,000 to 10,000. Spiko says this makes it the largest issuer of tokenized cash funds, ahead of BlackRock and Franklin Templeton, whose BUIDL and BENJI products are the best-known comparables.
The Series B is about four times the size of the Series A. It arrived 15 months after the earlier round, and the pace matches the growth in assets. The $800M valuation equals about 30% of assets under management. Revenue, fee levels and profitability are undisclosed, so that ratio is the only yardstick available. Money-market funds are thin-margin products, which means investors are pricing scale and distribution rather than current earnings.
Who Else Is Backing the Round?
The new investors are Speedinvest, Flourish Ventures, Shapers, EQNX, Mirana Ventures and Wintermute Ventures. Angels include the founders of Qonto, the European business-banking company, and Axel Weber, the former president of the Bundesbank. Follow-on backers are White Star Capital, Bpifrance, Blockwall and Frst.
The founders come from the state side of finance. CEO Paul-Adrien Hyppolite was deputy head of the financial markets division at the French Treasury. Co-founder Antoine Michon advised the French government on technology and led deployments at Palantir. A regulator-literate team is a practical asset in a product category where fund authorization determines who can legally buy.
Why Does Tokenized Cash Matter for Corporate Treasuries?
Tokenized cash matters because it targets a gap in how companies hold idle balances. Most small and mid-sized firms keep operating cash in bank accounts that pay little, while larger firms get access to money-market funds through banks and treasury platforms. Spiko's argument, in Hyppolite's words, is that "yield should be universal," whatever the size of the balance.
Settlement is the other attraction. A token on a public chain can move around the clock, and Spiko says clients get instant withdrawals, with continuous yield accrual still planned. Traditional funds typically settle on business days.
What Are the Risks and Competition?
The competition is crowded and well funded. Midas of Berlin raised a $50M Series A in March 2026. Theo raised $20M in April 2025, Axiology of Vilnius raised a €5M seed in February 2026, and Fnality raised a $95M Series B in November 2023. BlackRock and Franklin Templeton can undercut on fees and bring existing distribution.
Spiko's lead rests on European regulatory fit and a retail-sized customer base, both of which rivals can copy. A fivefold gain in assets in a year also shows how quickly balances can leave if yields on treasury bills fall or a competitor offers a better rate. Concentration matters too: SAFO alone holds $1B of the $2.7B total.
Outlook
Spiko enters its next phase with $120M raised, a UCITS framework behind its products and a customer base that has grown tenfold in about 15 months. The tests ahead are whether country-by-country expansion in Germany, Italy, Spain, the Netherlands and the Nordics adds clients faster than it adds cost, and whether the company can hold its lead as larger asset managers push their own tokenized funds. The next disclosures to watch are revenue and fee levels, which would show whether the $800M valuation rests on earnings or on assets alone.