Spiko has raised $90 million to expand its tokenized cash funds, pushing its total funding to $120 million.
The Paris and London based startup's Series B was led by New Enterprise Associates, with Index Ventures, Bpifrance, Speedinvest, Flourish Ventures, Shapers and White Star Capital joining in. Blockwall, Frst, EQNX and Mirana also participated. Spiko's product lets investors hold cash in tokenized fund shares rather than traditional bank or money-market accounts. The company announced the round in a statement on Tuesday.
Tokenized cash funds are the less flashy cousin of crypto speculation: instead of chasing price swings, they let institutions settle and move dollars and euros on a blockchain while the underlying assets stay in conventional short-term debt. That is a bet that the boring plumbing of finance, not the volatile tokens built on top of it, is where blockchain actually earns its keep. A roster of venture firms betting $90 million on that thesis is a signal more than it is proof, but it suggests institutional money is getting serious about on-chain cash management.
Think of it as money-market funds' on-chain sequel: unglamorous, but the unglamorous stuff is usually what ends up moving trillions.