Spiko
Tokenized infrastructure for money market funds enabling risk-free yields on cash.
Website: https://www.spiko.io
Cover Block
PUBLIC
| Field | Value |
|---|---|
| Name | Spiko |
| Tagline | Tokenized infrastructure for money market funds enabling risk-free yields on cash. |
| Headquarters | Paris, France |
| Founded | 2023 |
| Stage | Series A |
| Business Model | B2B |
| Industry | Fintech |
| Technology Type | Blockchain / Web3 |
| Geography | Western Europe |
| Growth Profile | Venture Scale |
| Founding Team | Co-Founders (2) |
| Funding Label | Series A |
| Total Disclosed | ~$26.3M [Crunchbase, June 2024] [The Block, July 2025] |
Links
PUBLIC
- Website: https://www.spiko.io
- LinkedIn: https://www.linkedin.com/company/spiko-tech
- RWA.xyz profile: https://app.rwa.xyz/platforms/spiko
Executive Summary
PUBLIC
Spiko is a Paris-based fintech building tokenized money market funds (MMFs) on public blockchains, with the goal of giving European corporates and fintech platforms a regulated, on-chain way to park idle cash at central-bank-adjacent yields. The company was founded in 2023 by brothers Paul-Adrien Hyppolite and Antoine Michon, both former French Treasury officials with prior stints at Palantir [The Block, July 2025]. Its core product is a fully-licensed tokenized MMF that issued on Ethereum and Polygon following a €4M pre-seed in June 2024 [Crunchbase, June 2024], and the company reported processing over $900 million in working capital and reaching $400 million in assets under management in its first year of operation [The Block, July 2025] [Spiko, July 2025]. In July 2025, Spiko closed a $22 million Series A led by Index Ventures, with participation from White Star Capital, Frst, Rerail, Blockwall, and Bpifrance's Digital Venture Fund, alongside angel checks from Revolut's Nikolay Storonsky, Kyriba founder Jean-Luc Robert, and Wise CTO Harsh Sinha [Ledger Insights, July 2025]. The differentiation rests on regulatory posture: Spiko subsequently launched SAFO, a tokenized UCITS fund regulated by France's Autorité des marchés financiers, in partnership with Amundi, Europe's largest asset manager [Spiko Blog, 2026]. Over the next 12 to 18 months, the items worth watching are AUM trajectory against the company's stated $1B target, the Amundi distribution motion, and execution on the Concordium-linked trade finance use case the company has flagged as a $300B adjacency [The Block, 2026].
Data Accuracy: GREEN -- Confirmed by The Block, Ledger Insights, Crunchbase, and the company's own announcements.
Taxonomy Snapshot
| Axis | Value |
|---|---|
| Stage | Series A |
| Business Model | B2B |
| Industry / Vertical | Fintech / Asset Management Infrastructure |
| Technology Type | Blockchain / Web3 (Ethereum, Polygon) |
| Geography | Western Europe (France-led) |
| Growth Profile | Venture Scale |
| Founding Team | Co-Founders (2), brothers, ex-government |
| Funding | ~$26.3M disclosed across pre-seed and Series A |
Company Overview
PUBLIC
Spiko was incorporated in 2023 in Paris by Paul-Adrien Hyppolite and Antoine Michon, who serve as CEO and COO respectively [Finsmes, July 2025] [Antoine Michon LinkedIn, 2026]. Both founders previously worked inside the French Treasury and at Palantir, a background that the company and its lead investor have repeatedly emphasized as the basis for its regulatory-first product design [The Block, July 2025]. The thesis the founders have articulated publicly is that capital markets infrastructure (the databases that sit behind payment and securities settlement) is overdue for replacement by blockchain-native rails, and that money market funds are the most defensible first wedge because they sit at the intersection of high regulation, high volume, and low product differentiation [Spiko, 2025].
The first significant external milestone was the June 2024 launch of what Spiko described as the world's first fully-licensed tokenized Money Market Funds on Ethereum and Polygon, accompanied by a €4 million pre-seed round [Crunchbase, June 2024]. Roughly thirteen months later, in July 2025, the company announced a $22 million Series A led by Index Ventures and reported $400 million in AUM with over $900 million in cumulative working capital processed during its first year [Spiko, July 2025] [The Block, July 2025]. In 2026, the company launched SAFO, a tokenized UCITS fund regulated by the AMF and built in partnership with Amundi, designed for institutional cash management with 24/7 transferability [Spiko Blog, 2026]. Around the same window, Spiko disclosed a partnership with Concordium aimed at trade finance applications [The Block, 2026].
The headcount footprint remains small: at the time of the Series A, the company described itself as a nine-person team [The Block, July 2025], and current open roles indexed by Index Ventures include a Head of Crypto and a Business Development Director for Crypto [Index Ventures, 2025] [Index Ventures, 2026], suggesting a deliberate sequencing of commercial hires after the regulatory and product foundation was laid.
Data Accuracy: GREEN -- Confirmed by Crunchbase, The Block, Ledger Insights, and Spiko's own communications.
Product and Technology
MIXED
Spiko's core product is a digital cash management platform that lets businesses deposit euros or US dollars into tokenized money market funds and earn the underlying short-term rate, with what the company describes as fee-free deposits and withdrawals [Crunchbase, April 2025]. The fund shares are issued as tokens on Ethereum and Polygon, which in principle allows them to settle in minutes rather than days and to be held or transferred outside conventional fund-administration windows [Crunchbase, June 2024]. The company markets this combination as access to the risk-free rate with the operational characteristics of a stablecoin, while remaining inside the European fund-licensing perimeter.
The most consequential product development since the Series A is SAFO, a tokenized UCITS fund regulated by the AMF and structured in partnership with Amundi, Europe's largest asset manager [Spiko Blog, 2026]. SAFO debuted with $100 million in committed assets according to coverage of the launch [MEXC News, 2026]. UCITS authorization is meaningful because it is the standard European retail-and-institutional fund wrapper, which means SAFO is in principle distributable across the EU rather than confined to qualified-investor channels. A separate disclosed initiative is the Concordium partnership, which the company frames as removing escrow requirements in trade finance, a market it sizes at $300 billion [The Block, 2026].
On the technology stack, public disclosures confirm Ethereum and Polygon as the issuance chains [Crunchbase, June 2024]. Beyond that, the company has not published architectural detail, and current hiring patterns (Head of Crypto, BD Director for Crypto) point to commercial expansion rather than a re-platforming (inferred from job postings) [Index Ventures, 2025] [Index Ventures, 2026].
Data Accuracy: GREEN -- Confirmed by Spiko Blog, The Block, Crunchbase, and Index Ventures job postings.
Market Research and Opportunity
PUBLIC
Tokenized money market funds have moved from concept to one of the fastest-growing real-world-asset categories on public chains, and Spiko is competing for the European share of that shift. The category was effectively legitimized when BlackRock launched its BUIDL tokenized treasury fund in 2024, and the broader on-chain treasury and MMF segment has since attracted issuance from Franklin Templeton, Ondo, and others. Spiko's positioning is the European, UCITS-regulated counterpart to that US-led activity, anchored by AMF authorization and the Amundi distribution relationship [Spiko Blog, 2026].
On sizing, the most directly cited adjacent figure in Spiko's own materials is the $300 billion trade finance market that the Concordium partnership targets [The Block, 2026]. The deeper TAM, however, is European corporate cash and treasury balances held in money market instruments, a multi-trillion-euro pool where Amundi alone manages a meaningful share. A precise third-party European tokenized-MMF TAM is not present in the cited research, so the more honest framing is that Spiko is competing for share of the existing MMF market by offering a settlement and accessibility upgrade, rather than creating new demand for the underlying yield product.
| Sizing claim | Value | Source |
|---|---|---|
| Trade finance market (Concordium target) | $300B | [The Block, 2026] |
| Spiko AUM, year 1 | $400M | [Spiko, July 2025] |
| Spiko working capital processed, year 1 | >$900M | [The Block, July 2025] |
| SAFO committed assets at debut | $100M | [MEXC News, 2026] |
| Spiko AUM target by year-end | >$1B | [XT.com, 2026] |
Analyst takeaway: the cited figures show a company that has captured a non-trivial slice of early European tokenized-MMF demand within twelve months, with a credible distribution catalyst (Amundi) sitting between current AUM and the stated $1B target. The growth ramp is steep but the comparable progression of US peers suggests the demand exists if regulatory access is genuinely defensible.
Demand drivers that surface across the cited press are threefold. First, European corporate treasurers have re-discovered yield after a decade of zero rates, and tokenized MMFs let them park cash at policy rates without the operational friction of traditional fund subscription cycles. Second, fintech platforms and crypto-native businesses want a regulated euro and dollar yield primitive that can sit inside their own products without taking direct duration or credit risk. Third, the AMF's relatively constructive posture toward tokenized UCITS structures gives France-domiciled issuers a regulatory pathway that is harder to replicate in jurisdictions without comparable guidance. The substitute markets to keep in view are stablecoin-based yield products, traditional MMF share classes distributed via Calastone or Allfunds, and bank deposit alternatives.
Data Accuracy: GREEN -- Confirmed by The Block, Spiko Blog, MEXC News, and Ledger Insights.
Competitive Landscape
MIXED
Spiko sits in a small but rapidly forming cohort of regulated tokenized MMF issuers, where the strategic question is less whether the category will exist and more which issuer will own the European institutional channel.
| Company | Positioning | Stage / Funding | Notable Differentiator | Source |
|---|---|---|---|---|
| Spiko | Tokenized euro and dollar MMFs, AMF-regulated, Amundi-partnered | Series A, ~$26.3M disclosed | UCITS fund (SAFO) with Europe's largest asset manager | [Spiko Blog, 2026] [The Block, July 2025] |
| Ondo Finance | US-focused tokenized treasuries (OUSG, USDY) | Public token, deep liquidity | Strong DeFi distribution and US treasury exposure | [PUBLIC competitive research] |
| Midas | Tokenized treasuries and yield-bearing assets, EU-oriented | Early-stage | Permissionless distribution model on Ethereum | [PUBLIC competitive research] |
The segment-by-segment map breaks into three groups. The incumbent group is led by BlackRock's BUIDL and Franklin Templeton's BENJI, both of which carry asset-manager brand and balance-sheet weight but are anchored to US treasury exposure and US distribution. The crypto-native challenger group is led by Ondo, which has built deep DeFi composability and stablecoin-adjacent distribution but operates with a lighter regulatory wrapper than a UCITS fund. The European regulated cohort, which is where Spiko lives, is the thinnest of the three; Midas is the most directly comparable independent issuer named in the research, and Spiko's distinguishing asset is the Amundi relationship plus AMF authorization of the SAFO UCITS [Spiko Blog, 2026].
Where Spiko has a defensible edge today is in the regulated-distribution lane. The Amundi partnership is not easily replicated, both because Amundi is the largest European asset manager by AUM and because the institutional sales channel it operates is the exact channel Spiko needs to reach corporate treasurers. AMF authorization for a tokenized UCITS adds a regulatory moat that is durable for as long as European fund rules require it. Founder access to French policy networks (the Treasury background) is plausibly an accelerant in regulatory dialogue [The Block, July 2025]. The perishable component of this edge is that other European asset managers can pursue equivalent partnerships, and BlackRock or Franklin Templeton can extend their existing tokenized franchises into UCITS wrappers if the European opportunity becomes large enough to justify the build.
Where Spiko is most exposed is on DeFi-native distribution and liquidity depth, where Ondo's head start in stablecoin-adjacent integrations is meaningful, and on US dollar treasury distribution, where BlackRock's brand and BUIDL's existing institutional uptake are difficult to compete with for a nine-person Paris team. The most plausible 18-month scenario: Spiko wins if AMF-regulated UCITS becomes the de facto European institutional standard for tokenized cash and Amundi pushes SAFO through its existing corporate channels at scale; Spiko loses ground if a US incumbent launches a UCITS-equivalent product distributed through a tier-one European asset manager before Spiko has locked in a defensible share of corporate treasury wallets.
Data Accuracy: YELLOW -- Spiko-side facts confirmed by multiple sources; competitor positioning drawn from category-level public knowledge rather than head-to-head disclosures.
Opportunity
PUBLIC
If Spiko executes, the prize is to become the default issuance and distribution layer for regulated tokenized cash instruments in Europe, a category that maps onto a multi-trillion-euro existing MMF market.
The headline opportunity. The single largest plausible outcome for Spiko is to become the European equivalent of what BlackRock's BUIDL franchise is becoming in the US: the canonical regulated tokenized cash product that fintechs, corporates, and asset managers default to when they need on-chain euro or dollar yield. The cited evidence that this outcome is reachable rather than aspirational is concrete. The company has crossed $400M in AUM in twelve months [Spiko, July 2025], processed more than $900M in working capital across early customers [The Block, July 2025], debuted SAFO with $100M in committed assets in partnership with Amundi [MEXC News, 2026], and is targeting $1B in AUM by year-end [XT.com, 2026]. None of those data points individually proves the outcome, but together they describe a credible early ramp toward category leadership in a defined geography.
Growth scenarios.
| Scenario | What happens | Catalyst | Why it's plausible |
|---|---|---|---|
| Amundi distribution flywheel | SAFO becomes a standard cash-management product across Amundi's institutional book | Continued co-marketing and additional UCITS share classes [Spiko Blog, 2026] | Amundi is Europe's largest asset manager and SAFO is already live with $100M committed [MEXC News, 2026] |
| Embedded treasury API for European fintechs | Spiko becomes the default yield primitive inside neobanks, B2B payment platforms, and crypto businesses | Hiring of a Head of Crypto and BD Director [Index Ventures, 2025] [Index Ventures, 2026] | Founder network includes Storonsky (Revolut), Sinha (Wise), Robert (Kyriba) [Ledger Insights, July 2025] |
| Trade finance settlement layer | Spiko's tokenized cash becomes the settlement leg for on-chain trade finance | Concordium partnership extending into live trade-finance pilots [The Block, 2026] | The cited TAM is $300B and existing escrow inefficiencies are well documented [The Block, 2026] |
What compounding looks like. The flywheel is built on three reinforcing loops. The first is regulatory: each additional AMF-authorized product (SAFO followed by future share classes) deepens Spiko's status as the reference European tokenized-fund issuer, which in turn lowers the regulatory cost of the next product. The second is distribution: every corporate treasurer or fintech that integrates Spiko's API to access yield becomes a reference customer for the next, and the Amundi channel adds an institutional-sales overlay that purely product-led tokenized issuers do not have. The third is balance-sheet: AUM growth lowers the relative cost of operating each fund and improves the economics of adding new currencies and share classes. The early evidence that the flywheel is starting is the rapid jump from €4M pre-seed to a $22M Series A, and the sequencing of the Amundi partnership immediately after the funding round [Spiko, July 2025] [Spiko Blog, 2026].
The size of the win. A useful comparable is the broader tokenized treasury and MMF category, which has grown from effectively zero in early 2024 to several billion dollars in on-chain AUM by 2025 across BUIDL, BENJI, OUSG, and others. If Spiko captures even a single-digit-percentage share of European corporate cash currently sitting in traditional MMFs, the AUM scale is in the tens of billions, with management economics that asset managers like Amundi are publicly valued against. Translated into a scenario, not a forecast: a Spiko that reaches $10B in AUM with retained fund-economics and is positioned as the European standard for tokenized cash is plausibly a multi-billion-dollar enterprise on asset-manager comparables, materially above the implied Series A post-money. That outcome requires the regulated-distribution lane to hold and the Amundi partnership to extend, and it is the upside case that the private half of this report will weigh against execution and competitive risks.
Data Accuracy: YELLOW -- Headline AUM and partnership facts confirmed; valuation framing is explicitly scenario-based.
Sources
PUBLIC
[The Block, July 2025] Spiko raises $22 million in Series A funding round to scale tokenized money market funds | https://www.theblock.co/post/363096/spiko-raise
[Spiko, July 2025] Spiko Raises $22M, led by Index Ventures, to democratise access to treasury yields, after hitting $400m in AUM in first year | https://www.spiko.io/blog/spiko-raises-22m-led-by-index-ventures
[Ledger Insights, July 2025] French tokenized MMF startup Spiko raises $22m in funding | https://www.ledgerinsights.com/french-tokenized-mmf-startup-spiko-raises-22m-in-funding/
[Crunchbase, April 2025] Spiko - Crunchbase Company Profile & Funding | https://www.crunchbase.com/organization/spiko
[Spiko, 2025] Why Spiko? | https://www.spiko.io/blog/why-spiko
[Index Ventures, 2025] Spiko: Head of Crypto | https://www.indexventures.com/startup-jobs/spiko/head-of-crypto/
[Crunchbase, 2025] Spiko - Tech Details | https://www.crunchbase.com/organization/spiko/tech_details
[Crunchbase, June 2024] Pre Seed Round - Spiko - 2024-06-11 | https://www.crunchbase.com/funding_round/spiko-pre-seed--9ff6cf75
[LinkedIn, 2025] Spiko company page | https://www.linkedin.com/company/spiko-tech
[LinkedIn, 2026] Antoine Michon - Co-Founder @ Spiko | https://www.linkedin.com/in/antoine-michon/
[Index Ventures, 2026] Business Development Director - Crypto @ Spiko | https://indexventures.getro.com/companies/spiko-2/jobs/68575592-business-development-director-crypto
[RWA.xyz, 2026] Spiko platform profile | https://app.rwa.xyz/platforms/spiko
[Spiko Blog, 2026] SAFO launch announcement (tokenized UCITS with Amundi) | https://www.spiko.io/blog
[The Block, 2026] Spiko and Concordium partnership coverage | https://www.theblock.co
[MEXC News, 2026] SAFO debuts with $100 million in committed assets | https://www.mexc.com/news
[XT.com, 2026] Spiko targets $1 billion AUM by year-end | https://www.xt.com/en/blog
[Finsmes, July 2025] Spiko Series A coverage | https://www.finsmes.com
Articles about Spiko
- Spiko Is Wiring Every European Treasurer Into a Tokenized Money Market Fund — The Paris startup hit $400M in AUM in year one and just pulled Amundi into a regulated on-chain UCITS.