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 mundane on its face: a money market fund. The wrapper is not. 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. Cash sitting in a current account earns nothing. A traditional MMF subscription is a multi-day affair with cutoff times, paperwork, and a custodian in the middle. 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. Redemption is, in theory, instant.
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. Pairing a regulated UCITS structure with a tier-one asset management partner is a meaningfully different posture than what most tokenization startups can offer. 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]. That is a second leg, and a longer one, but it points at where the company thinks tokenized cash actually earns its keep: not as a yield product for crypto natives, but as the settlement asset for B2B flows that currently sit in escrow accounts for days.
Why it could be big
The macro setup is unusually friendly. European policy rates have given corporate cash a real yield for the first time in over a decade. MiCA has given crypto-adjacent finance a clearer rulebook. Larry Fink has spent two years telling public markets that tokenization is the next frontier for finance, and BlackRock's BUIDL has shown there is institutional appetite for on-chain MMF exposure. Spiko is selling into that thesis, but in Europe, in euros, with a UCITS wrapper that BlackRock's US-domiciled product cannot claim.
The investor list reflects that read. Index Ventures has a long bench of fintech wins, and the angel checks from Storonsky, Sinha and Robert are the kind that tend to come with introductions to corporate treasury buyers. Bpifrance's involvement adds a sovereign tailwind in the home market.
Pre-seed (Jun 2024) | 4.3 | $M
Series A (Jul 2025) | 22 | $M
SAFO committed AUM | 100 | $M
AUM, year one | 400 | $M
Working capital processed, year one | 900 | $M
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]. That mix matters. Selling a regulated fund product into European corporates is a relationship business, and the Treasury background is the kind of credential that opens doors at the AMF, at Amundi, and at the CFO's office. 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
The loudest bear case is competition. Ondo and Midas are chasing the same on-chain treasury yield category, and BlackRock's BUIDL has set the institutional benchmark in dollars. A US giant with a tokenized MMF and a global distribution arm is a serious thing to compete with. The bull answer, supported by the cited evidence, is that Spiko is not trying to win the dollar-denominated crypto-trader trade. It 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. That is a different distribution lane, and the Amundi partnership is hard to replicate by a US issuer in the near term.
The second concern is the speed of the AUM ramp. Going from zero to a reported $400 million in twelve months [Spiko, July 2025] and pointing at $1 billion by year-end [XT.com, 2026] is aggressive. Money market AUM can be sticky, but it can also leave quickly if rates fall or a competitor undercuts on the operational experience. The mitigant is structural: corporates do not move treasury providers casually, especially once payment workflows are wired in.
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 as Amundi's distribution kicks in. 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], which would almost certainly bring a Series B conversation forward.
The bigger question for readers: when European treasurers eventually hold tokenized cash by default, will the issuer they trust be a US asset management giant, or a Paris startup with the AMF and Amundi already on the cap table?