Spiko

Cover Block

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

• Website: https://www.spiko.io
• LinkedIn: https://www.linkedin.com/company/spiko-tech
• RWA.xyz profile: https://app.rwa.xyz/platforms/spiko

Summary and Signal

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

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 [The Block, July 2025]. The thesis the founders have articulated publicly is that capital markets infrastructure 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]. 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 [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].

Data Accuracy: GREEN -- Confirmed by Crunchbase, The Block, Ledger Insights, and Spiko's own communications.

The Product and the Stack

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 [Crunchbase, April 2025]. The fund shares are issued as tokens on Ethereum and Polygon [Crunchbase, June 2024].

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 [Spiko Blog, 2026]. SAFO debuted with $100 million in committed assets [MEXC News, 2026]. UCITS authorization is meaningful because it is the standard European retail-and-institutional fund wrapper. 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].

Data Accuracy: GREEN -- Confirmed by Spiko Blog, The Block, Crunchbase, and Index Ventures job postings.

Market Research and Opportunity

Tokenized money market funds have moved from concept to one of the fastest-growing real-world-asset categories on public chains. Spiko's positioning is the European, UCITS-regulated counterpart to US-led activity, anchored by AMF authorization and the Amundi distribution relationship [Spiko Blog, 2026].

Metric	Value
Trade finance market (Concordium target)	$300B
Spiko AUM, year 1	$400M
Spiko working capital processed, year 1	>$900M
SAFO committed assets at debut	$100M
Spiko AUM target by year-end	>$1B

Data Accuracy: GREEN -- Confirmed by The Block, Spiko Blog, MEXC News, and Ledger Insights.

The Competitive Field

Spiko sits in a small but rapidly forming cohort of regulated tokenized MMF issuers.

Company	Positioning	Stage / Funding	Notable Differentiator
Spiko	Tokenized euro and dollar MMFs, AMF-regulated, Amundi-partnered	Series A, ~$26.3M disclosed	UCITS fund (SAFO) with Europe's largest asset manager
Ondo Finance	US-focused tokenized treasuries (OUSG, USDY)	Public token, deep liquidity	Strong DeFi distribution and US treasury exposure
Midas	Tokenized treasuries and yield-bearing assets, EU-oriented	Early-stage	Permissionless distribution model on Ethereum

Data Accuracy: YELLOW -- Spiko-side facts confirmed by multiple sources; competitor positioning drawn from category-level public knowledge.

Opportunity

If Spiko executes, the prize is to become the default issuance and distribution layer for regulated tokenized cash instruments in Europe. The company has crossed $400M in AUM in twelve months [Spiko, July 2025], processed more than $900M in working capital [The Block, July 2025], debuted SAFO with $100M in committed assets [MEXC News, 2026], and is targeting $1B in AUM by year-end [XT.com, 2026].

Data Accuracy: YELLOW -- Headline AUM and partnership facts confirmed; valuation framing is explicitly scenario-based.

Sources

1. [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
2. [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
3. [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/
4. [Crunchbase, April 2025] Spiko - Crunchbase Company Profile & Funding | https://www.crunchbase.com/organization/spiko
5. [Spiko, 2025] Why Spiko? | https://www.spiko.io/blog/why-spiko
6. [Index Ventures, 2025] Spiko: Head of Crypto | https://www.indexventures.com/startup-jobs/spiko/head-of-crypto/
7. [Crunchbase, 2025] Spiko - Tech Details | https://www.crunchbase.com/organization/spiko/tech_details
8. [Crunchbase, June 2024] Pre Seed Round - Spiko - 2024-06-11 | https://www.crunchbase.com/funding_round/spiko-pre-seed--9ff6cf75
9. [LinkedIn, 2025] Spiko company page | https://www.linkedin.com/company/spiko-tech
10. [LinkedIn, 2026] Antoine Michon - Co-Founder @ Spiko | https://www.linkedin.com/in/antoine-michon/
11. [Index Ventures, 2026] Business Development Director - Crypto @ Spiko | https://indexventures.getro.com/companies/spiko-2/jobs/68575592-business-development-director-crypto
12. [RWA.xyz, 2026] Spiko platform profile | https://app.rwa.xyz/platforms/spiko
13. [Spiko Blog, 2026] SAFO launch announcement (tokenized UCITS with Amundi) | https://www.spiko.io/blog
14. [The Block, 2026] Spiko and Concordium partnership coverage | https://www.theblock.co
15. [MEXC News, 2026] SAFO debuts with $100 million in committed assets | https://www.mexc.com/news
16. [XT.com, 2026] Spiko targets $1 billion AUM by year-end | https://www.xt.com/en/blog
17. [Finsmes, July 2025] Spiko Series A coverage | https://www.finsmes.com