In July 2025, a nine-person shop in Paris told reporters it had moved more than $900 million of corporate working capital across blockchain rails in roughly twelve months [The Block, July 2025]. The company is Spiko. The product is a money market fund. Spiko issues fully-licensed tokenized MMFs on Ethereum and Polygon, and it is selling them to European companies that want to park cash, earn the risk-free rate, and move money around the clock without a settlement window.
That pitch was enough to pull in Index Ventures as the lead on a $22 million Series A in July 2025, with White Star Capital, Frst, Rerail, Blockwall and Bpifrance's Digital Venture Fund alongside [Spiko, July 2025]. Revolut founder Nikolay Storonsky, Wise CTO Harsh Sinha, and Kyriba founder Jean-Luc Robert came in on the angel list. The round followed a $4.3 million pre-seed in June 2024 [Crunchbase, June 2024], bringing total disclosed funding to roughly $26.3 million.
The bet
Spiko's wedge is the European corporate treasurer. Spiko's accounts pay the daily risk-free rate with no fees and 24/7 transferability [Crunchbase, April 2025]. The fund units are the tokens. Settlement is the blockchain.
The most consequential product move came with SAFO, a tokenized UCITS fund regulated by the French Financial Markets Authority (AMF), launched in partnership with Amundi [Spiko Blog, 2026]. UCITS is the gold-standard European fund wrapper. Amundi is Europe's largest asset manager. SAFO debuted with $100 million in committed assets [MEXC News, 2026].
Alongside SAFO, Spiko has tied up with Concordium on a play into trade finance, with the stated aim of removing escrow from a $300 billion market [The Block, 2026].
Why it could be big
European policy rates have given corporate cash a real yield for the first time in over a decade. Spiko is selling into that thesis, but in Europe, in euros, with a UCITS wrapper that BlackRock's US-domiciled product cannot claim.
| Metric | Value |
|---|---|
| Pre-seed (Jun 2024) | $4.3M |
| Series A (Jul 2025) | $22M |
| SAFO committed AUM | $100M |
| AUM, year one | $400M |
| Working capital processed, year one | $900M |
The team and traction
Paul-Adrien Hyppolite is CEO and co-founder [Finsmes, July 2025]. Antoine Michon is co-founder and COO [Antoine Michon LinkedIn, 2026]. Both are former French Treasury and government officials with prior stints at Palantir [The Block, July 2025]. Reported metrics include $400 million in AUM in the first year [Spiko, July 2025] and a stated expectation of crossing $1 billion in AUM by year-end [XT.com, 2026]. The team is hiring a Head of Crypto and a Business Development Director for Crypto through Index's job board [Index Ventures, 2025].
The honest counterfactual
Competition is the primary risk. Ondo and Midas are chasing the same on-chain treasury yield category, and BlackRock's BUIDL has set the institutional benchmark in dollars. The bull answer is that Spiko is selling a euro-denominated, AMF-regulated UCITS fund co-issued with Amundi [Spiko Blog, 2026], aimed at European corporates that cannot or will not hold a US-domiciled product.
What to watch
Three milestones over the next twelve months will tell the story. First, whether SAFO's $100 million in committed assets [MEXC News, 2026] grows into a multi-hundred-million book. Second, whether the Concordium trade finance pilot produces a named corporate counterparty in the $300 billion target market [The Block, 2026]. Third, whether the AUM trajectory clears the stated $1 billion mark by year-end [XT.com, 2026].