Why We Invested in Spiko

Sophisticated treasury management is historically a privilege of scale. While large institutions can actively manage cash across safe, yield-bearing products, SMBs traditionally lack dedicated teams and established financial infrastructure. For these firms, cash often remains concentrated in simple, low-yielding bank deposits.

That work is slow and expensive. A compliance team can spend weeks on a single vendor agreement. In-house legal might re-read the same clause across hundreds of contracts to confirm consistency. Underwriters and lending operations wade through supporting documentation. As a result, financial services cost more, take longer, and feel harder than they should for institutions and for customers.

This problem is especially acute outside of the United States, where corporate treasury remains heavily bank-centric and access to market-based cash-management products is less developed. Banks have limited incentive to move customers from deposits into higher-yielding alternatives. Even where money market funds are available, legacy fund infrastructure is often batch-based, intermediary-heavy, and difficult to integrate into everyday operations. Businesses are left choosing between the simplicity of bank deposits and the better economics of institutional treasury products.

Spiko offers a solution by making institutional-grade treasury products easier to access and use. Co-headquartered in London and Paris, the company designs and distributes regulated cash funds through a modern software and API platform, bypassing traditional bank-led distribution. Spiko aims to make yield-bearing treasury products behave more like operating cash: accessible, liquid, programmable, and easier to integrate into day-to-day financial workflows.

In our research on tokenized assets, we have focused on where tokenization creates meaningful economic value. Many platforms we encountered serve onchain pools of capital seeking yield. Spiko stood out for bringing better treasury management to everyday businesses, combining access to institutional-grade products with the flexibility to put cash to work and retrieve it as operating needs change.

We’re excited to announce our participation in Spiko’s $90 million Series B, led by NEA, alongside existing investor Index Ventures.

Co-founders Paul-Adrien Hyppolite and Antoine Michon bring experience from the French Treasury, government technology, and Palantir, complemented by CTO Samuel Briole’s engineering background. Since launching its first products in 2024, the team has combined regulatory execution, financial partnerships, and technology to bring these products to more than 10,000 customers.

Real demand beyond onchain capital

Spiko now manages more than $2.7 billion across four currencies, serving SMBs and individuals in over 25 jurisdictions. AUM has grown more than 5x over the past twelve months, making it the world’s largest issuer of tokenized cash funds. What matters to us is the demand behind those numbers. Spiko is bringing tokenized products into the treasury operations of startups, medical practices, research institutes, and other businesses. These customers are choosing a better way to manage cash. The blockchain infrastructure works in the background.

That is the adoption we have been looking for: tokenization earning its place by solving a financial problem customers already have. Spiko’s combination of regulatory execution, accessible distribution, and technology has turned that thesis into a business with meaningful scale.

“Every person and every organization holds cash, yet whether it earns anything still depends on who you are and how much you have,” Paul-Adrien says. “Yield should be universal. Our ambition is to make all cash earn by default, around the clock.”

Rebuilding treasury from the ownership layer

Although Spiko’s initial products are money market funds that invest in short-duration government securities, its core innovation is the infrastructure through which fund shares are issued, owned, transferred, and distributed. Spiko eliminates the traditional fund infrastructure, instead building this layer around an onchain shareholder register. The blockchain serves as the official record of ownership and each token represents a share in a regulated money market fund.

Spiko does not move every part of the transaction lifecycle onchain. The underlying securities remain held through regulated fund structures and traditional custodians, with established fund administrators. Only moving the ownership and transfer layer onchain allows Spiko to provide near-real-time visibility into ownership, enables programmable transfers, and enables easier integration into software and treasury workflows.

This reflects our view that tokenization is a tool rather than an end in itself. Any asset can be tokenized; what matters is whether doing so creates meaningful economic value. Spiko’s customers see that value. Businesses can access regulated treasury products through a dashboard or API, put idle balances to work, and reduce their reliance on manual, bank-mediated processes. Fintechs and financial platforms can embed Spiko’s products without building the underlying fund, regulatory, transfer-agent, and blockchain infrastructure themselves.

From money markets to programmable treasury

Spiko is starting with a clear need: helping European businesses earn a return on cash without making it harder to run their operations. Its offering already spans multiple currencies and liquidity profiles, and financial platforms can embed its regulated cash funds directly into their products. Spiko already provides the infrastructure through which these customers access and manage treasury assets. The opportunity now is to extend that infrastructure to more platforms, markets, and products, including corporate debt, bond funds, and more complex treasury strategies.

We see no reason why this level of treasury management should remain reserved for large institutions or businesses in a handful of markets. For Flourish, the relevance extends to smaller businesses globally, including in emerging markets where access to sophisticated financial services remains limited.

We are proud to back Paul-Adrien, Antoine, and the growing Spiko team as they make better treasury management available to more businesses around the world.