Summary

• Spiko has raised a $90 million Series B led by New Enterprise Associates.
• Its platform combines tokenised cash funds with APIs and programmable treasury rules.
• New capital will support more products, European expansion and further automation of corporate cash management.

London and Paris fintech Spiko has raised $90 million to expand a treasury platform built around tokenised cash funds and software that can move corporate money according to rules set by finance teams.

New Enterprise Associates led the Series B, with investors including Index Ventures and Speedinvest participating. The financing comes little more than two years after Spiko launched its first funds and takes the company into a larger phase of product development and European expansion.

Spiko’s current assets under management are described slightly differently across its latest material. Index Ventures puts the figure at around $2.7 billion, while Spiko describes the total as approaching $3 billion. The company serves more than 10,000 businesses and individuals across multiple jurisdictions and currencies.

Although tokenisation sits at the centre of the technical architecture, the commercial proposition is increasingly about treasury automation rather than cryptocurrency exposure. Businesses use regulated cash funds while software handles subscriptions, withdrawals and rules governing how much money should remain immediately available.

Tokenisation becomes financial plumbing

A finance team might decide that an operating account should always contain enough cash for payroll and supplier payments, while money above that threshold can move into a fund. Cash unlikely to be needed for several months can be assigned differently again. Spiko is developing its platform so those policies can be expressed programmatically rather than executed through repeated manual transfers.

APIs allow treasury management systems and other financial software to interact directly with the funds. Index Ventures also describes a future in which an authorised AI agent could adjust those instructions on behalf of the company, although such autonomy should be separated from the capabilities already in routine use.

Spiko currently offers rapid access to its funds and promotes 24-hour availability for withdrawals. Continuous interest accrual and a fuller form of automated treasury management remain part of the product direction rather than evidence that every customer is already delegating cash allocation to software.

That distinction matters because a financial recommendation and a financial transaction carry different governance requirements. Software allowed to move corporate cash needs defined permissions, audit trails and limits around where funds can go. An AI agent cannot safely be treated as an unconstrained user merely because it can interpret a treasury policy written in natural language.

Spiko’s architecture therefore points towards a broader enterprise software problem. Treasury teams have long used systems to forecast cash and monitor balances, but underlying financial products can still operate through processes and settlement conventions that make continuous automation difficult.

Cash management becomes another API problem

By exposing investment products through software, Spiko is trying to make treasury policy executable. The finance team determines how much liquidity the business needs and which rules apply, while the platform handles more of the movement between cash positions.

The company’s customer base extends beyond technology startups. Its investors cite research institutes, public institutions, venture funds and medical practices alongside growth companies, with products covering euro, dollar, sterling and Swiss franc exposure.

Index Ventures says assets under management have increased more than fivefold over the past 12 months. That growth remains investor reported, but it indicates that the platform has moved beyond a small experiment in tokenised finance and is processing material amounts of customer money.

International expansion will test whether the operating model transfers cleanly between markets. Financial products remain subject to local regulation, distribution rules and customer expectations even when the software interface looks the same. Spiko plans to build further capability across major European markets rather than assume that a single digital product can be distributed everywhere without adaptation.

The Series B will also finance additional funds and product development. That broadening matters because treasury requirements vary according to the duration for which cash is available and the amount of risk an organisation is prepared to accept. A single cash fund cannot serve every part of a corporate balance sheet.

Programmability creates another source of differentiation. Tokenisation by itself can become a technical feature shared by many financial products; the more defensible value may lie in the software and controls that allow businesses to integrate those products into everyday cash operations.

The same shift explains why AI appears in Spiko’s roadmap without being the primary reason for the funding. An agent can only manage treasury meaningfully if the underlying accounts, funds and permissions can already be controlled through reliable interfaces. The API layer comes before the autonomous decision layer.

Spiko is therefore using tokenised funds as infrastructure beneath a more familiar corporate objective: keeping necessary liquidity available while putting surplus cash to work. The $90 million round gives it more capital to expand that model, but the larger test will be whether finance teams are willing to let software move from showing them what to do towards executing more of those decisions within clearly defined limits.