Spiko
Spiko is a Paris-based, ACPR-licensed fintech that issues Europe's first UCITS-approved tokenized money-market funds across EUR, USD, GBP and CHF, serving European startups, SMEs, holding companies, fintechs and web3 treasuries with daily interest and same-day liquidity via a regulated, Tier-1-bank-backed structure.
- Company typePrivate
- Founded2023
- HeadquartersParis, France
- Headcount1–10
- GTM typeB2B and B2C
- OfferingServices
What Spiko does
Spiko (legal entity Spiko Finance SAS) is a Paris-based, ACPR-licensed (no. 19183) MiFID investment firm that builds and distributes tokenized money-market and treasury products across multiple currencies. Founded in 2023, the company operates the EU's first UCITS-approved tokenized money-market funds — Spiko Euro, Spiko Dollar, Spiko Pound and Spiko Swiss Franc (collectively the Smart Cash / SAFO suite) — which deliver daily interest via Total Return Swaps with BNP Paribas against a fully collateralized equity basket, alongside a sovereign Treasury-Bills fund (Spiko T-Bills) and a digital-asset Cash & Carry fund (Spiko Cash & Carry). All client assets are custodied by CACEIS (Crédit Agricole group) in a bankruptcy-remote structure, with Amundi acting as delegated asset manager and PwC as auditor; fund shares are tokenized on Ethereum, Stellar and Polygon with Chainlink-powered NAV.
Spiko generates revenue almost entirely through annual management fees deducted daily from AuM (0.15%–0.30% on Smart Cash, 0.25% on T-Bills, 0.10% mgmt + 25% performance on Cash & Carry), with the account itself free of subscription, custody and withdrawal fees. The company runs a multi-channel go-to-market: self-serve PLG via app.spiko.io (€1 minimum, KYC in under 5 minutes), API-first B2B distribution for fintechs and digital-asset businesses (docs.spiko.io), inside-sales for enterprise and institutional opportunities, and embedded/white-label deals such as Bitstack Boost (~350,000 savers) and Conquest (17 portfolio companies in 3 weeks). By February 2026 Spiko had crossed $1.03B in AuM with 3,300+ active clients across 20+ countries, 92% of AuM B2B, no single client above 2.8% of AuM, and ~$13.2M of cumulative interest paid to users.
Customer segments span French and European VC-backed startups, SMEs, personal holding companies, freelancers, individual savers, fintech platforms (Memo Bank, Fygr, Pennylane, Indy, Fleet) and web3-native treasuries (Arbitrum, StarkWare, Starknet Foundation, Polygon, Chainlink, ArbitrumDAO). The company has raised €4M in seed (June 2024) and $22M in Series A (July 2025, Index Ventures led, Revolut CEO Nikolay Storonsky participating) and is led by co-founders Paul-Adrien Hyppolite (CEO) and Antoine Michon (COO).
Spiko firmographics
Firmographics- Name
- Spiko
- Legal name
- Spiko Finance
- Website
- https://spiko.io
- Company type
- Private
- Founded year
- 2023
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- Spiko is a Paris-based, ACPR-licensed fintech that issues Europe's first UCITS-approved tokenized money-market funds across EUR, USD, GBP and CHF, serving European startups, SMEs, holding companies, fintechs and web3 treasuries with daily interest and same-day liquidity via a regulated, Tier-1-bank-backed structure.
- Ownership category
- akta.pro rank
Spiko industry classification
Industry- Product category
- Tokenized Money Market Funds
- NAICS
- Open-End Investment Funds (52591), Savings Institutions and Other Depository Credit Intermediation (52218)
- SIC
- Finance Services (6199)
- akta.pro primary industry
- B2B Crypto Payouts, Mass Payments & Treasury Disbursements (FSADAIAF)
- akta.pro secondary industries
- Institutional DeFi & On-Chain Liquidity Infrastructure (Permissioned DeFi, Lending) (FSAGAMAG), Money Markets & Short-Term Funding (T-Bills, CP, CDs) (FSACAEAG), Invoice, Billing & Subscription Payments (Crypto) (FSADAIAG)
Keywords
Where Spiko is headquartered
LocationHeadquarters
- HQ city
- Paris
- HQ country
- France
- HQ region
- Europe
Offices1 record
Markets served
Spiko business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure
Revenue model
- Management fees on Smart Cash (SAFO) funds: Spiko charges an annual management fee on assets under management in its Smart Cash TRS funds (Spiko Euro, Spiko Dollar, Spiko Pound, Spiko Swiss Franc), deducted daily on a prorated basis. Current disclosed rates: 0.23% (EUR, USD), 0.30% (GBP), 0.15% (CHF). Interest displayed to clients is always net of fees.
- Management fees on Spiko T-Bills funds: Spiko charges a 0.25% annual management fee on assets in the Spiko EU T-Bills, USD T-Bills, and GBP T-Bills money market funds, deducted daily on a prorated basis; displayed yields are net of fees.
- Performance and management fees on Spiko Cash & Carry: Spiko Cash & Carry charges a 0.10% management fee plus a 25% annual performance fee above the risk-free rate (€STR in EUR, SOFR in USD), in addition to a 1% fixed Marex counterparty fee.
- API / B2B platform access for fintechs: Spiko monetizes programmable yield access for fintechs and digital-asset businesses that integrate TRS strategies via API to serve their own end-clients (cash management, fund segregation, distributed interest) — a recurring / usage-based B2B revenue stream distinct from end-investor management fees.
- Embedded / white-label distribution: Spiko embeds its products into third-party platforms (e.g., Bitstack Boost inside the Bitstack app for ~350,000 savers; Conquest integration across 17 portfolio companies), generating shared economics from co-distributed AUM.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Unit Pricing | Annual | Spiko Euro (SAFO EUR) — 0.23% annual management fee, €1 min subscription/redemption, 2.51% net yield |
| Unit Pricing | Annual | Spiko Dollar (SAFO USD) — 0.23% annual management fee, $1 min subscription/redemption, 4.03% net yield |
| Unit Pricing | Annual | Spiko Pound (SAFO GBP) — 0.30% annual management fee, £1 min subscription/redemption, 4.05% net yield |
| Unit Pricing | Annual | Spiko Swiss Franc (SAFO CHF) — 0.15% annual management fee, ₣1 min subscription/redemption, 0.15% net yield |
| Unit Pricing | Annual | Spiko T-Bills (EUR/USD/GBP MMF) — 0.25% annual management fee, €1 minimum initial deposit, ~1.88% net yield (EUR) |
| Outcome Based/ Performance | Annual | Spiko Cash & Carry — 0.10% management + 25% performance fee above risk-free, 1% Marex fee, €100,000 minimum, targeting 7% USD / 5% EUR net |
| Freemium | Pay-as-you-go | Spiko account — free, no account, deposit, withdrawal or custody fees |
Go-to-market motion6 records
Distribution channels6 records
Marketing channels10 records
Spiko product offering
Product offeringCore offering
Spiko issues and operates tokenized UCITS money market funds, including the multi-currency Spiko Smart Cash (EUR, USD, GBP, CHF) wrapped around an Amundi Overnight Swap Fund, the tokenized Spiko T-Bills funds in EUR/USD/GBP, and the Spiko Cash & Carry digital-asset strategy. Products are accessible to consumers, SMEs, startups, holding companies, fintechs, and digital-asset businesses through a self-serve web app, a B2B API, and direct smart-contract interactions.
Differentiator
Problem solved
Functional benefit
Brands
- Spiko Euro: EUR-denominated Smart Cash product (official fund name: Spiko Amundi Overnight Swap Fund) — daily interest via Total Return Swaps with Tier 1 banks; UCITS authorised by the AMF.
- Spiko Dollar
- Spiko Pound
- Spiko Swiss Franc
- Spiko T-Bills
- Spiko Cash & Carry
Products and services
- Spiko Smart Cash (Spiko Amundi Overnight Swap Fund - EUR, USD, GBP, CHF)
Quantifiable outcome
- $1.03B+ in AUM within 18 months of launch (Feb 2026), outpacing Franklin Templeton ($897M), Ondo ($779M) and Superstate ($731M) and making Spiko the only European issuer in the top tokenized-fund cohort.
- +8 more outcomes
Companies that use Spiko
Customer profileNamed customers32 records
Segments8 records
Ideal customer profiles4 records
Spiko technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Integration3 records
Feature6 records
Spiko partnerships and signals
Strategic signalPartnerships
18 partnerships are on record, tiered flagship, core and minor.
- Amundi (Amundi Asset Management)flagshipAmundi, Europe's largest asset manager ($2.3T AUM), acts as delegated asset manager of Spiko's flagship Smart Cash products (SAFO EUR, USD, GBP, CHF), the co-issuer of the Spiko Amundi Overnight Swap Fund (SAFO), and the manager of the original Spiko Euro product. The partnership is the cornerstone of Spiko's institutional credibility.
- BNP ParibasflagshipBNP Paribas is the banking counterparty for Spiko's Smart Cash TRS products in EUR, USD, GBP and CHF — paying €STR + 0.27% (EUR), SOFR + 0.35% (USD), SONIA + 0.27% (GBP) and the corresponding CHF rate daily to the funds. BNP Paribas is one of 14 Tier-1 banks Spiko selects from for TRS counterparty terms.
- CACEIS Bank (Crédit Agricole group)flagshipCACEIS, a subsidiary of the Crédit Agricole group, is the depositary bank and accountant for all of Spiko's products; it custodies all client funds (Spiko never holds them), marks the Treasury-Bills portfolio to market daily, and is named as a Tier-1 partner on Spiko's homepage.
- PwCcorePwC is Spiko's statutory auditor and conducts four annual audits of each Spiko fund (Spiko Euro, Spiko Dollar, Spiko Pound, Spiko Swiss Franc, Spiko T-Bills, Spiko Cash & Carry).
- Twenty First CapitalcoreTwenty First Capital is the delegated asset manager of the Spiko EU T-Bills money market fund and the Spiko Cash & Carry digital-assets fund, both French-domiciled funds regulated by the AMF.
- MarexcoreMarex, a global commodities trading firm, is the sole counterparty implementing the Spiko Cash & Carry strategy on the CME (BTC and ETH futures); Marex custody spot assets on Coinbase and charges a 1% fixed fee on the fund.
- Compass Financial TechnologiescoreCompass Financial Technologies is the index administrator for the SPKCARRY strategy underlying the Spiko Cash & Carry fund; the index methodology is published in a public rulebook.
- ChainlinkflagshipChainlink powers the Spiko Amundi Overnight Swap Fund (SAFO), providing NAV reporting and other oracle services for the tokenized fund on Ethereum and Stellar. The Chainlink-powered SAFO became the fastest-growing tokenized fund globally in Q1 2026 ($400M+ AUM in 3 weeks).
- Ethereum / StellarflagshipSpiko Amundi Overnight Swap Fund (SAFO) is deployed on Ethereum and Stellar; Spiko's T-Bills and other tokenized products are also available on Ethereum for on-chain distribution.
- BitstackcoreIn June 2026 Bitstack embedded Spiko Smart Cash Euro into its consumer bitcoin app as "Bitstack Boost," bringing institutional-grade euro yields to ~350,000 European savers.
- ArbitrumDAOcoreArbitrumDAO deployed 35% of a 35M-ARB ($11.6M) Stable Treasury Endowment Program into Spiko's tokenized U.S. Treasury products alongside Franklin Templeton (35%) and WisdomTree (30%), generating passive yield on idle reserves.
- Franklin TempletoncoreFranklin Templeton was one of three institutional issuers (35% allocation) in the ArbitrumDAO's $11.6M Stable Treasury Endowment Program alongside Spiko (35%) and WisdomTree (30%) — putting Spiko in a cohort of tokenized-Treasury issuers.
- WisdomTreecoreWisdomTree was one of three institutional issuers (30% allocation) in the ArbitrumDAO's $11.6M Stable Treasury Endowment Program alongside Franklin Templeton and Spiko.
- Arbitrum (Layer-2 ecosystem)coreArbitrum is both a web3 customer of Spiko and a featured partner in Spiko's web3 use case, using tokenized Spiko fund shares for on-chain treasury, stablecoin reserves, and collateral use.
- TeploenergieminorTeploenergie is a French SME and Spiko customer, featured with a named testimonial on the SME use-case page; Spiko's site lists it as a customer since 2024.
- Les Éditions du Génépi
- La Cave A Titoune
- MDBat
Scale indicators13 records
Recent moves7 records
Expansion highlights7 records
Spiko competitors and assessment
Company assessmentBroad incumbents
- BlackRock (BUIDL): BlackRock's BUIDL is the largest tokenized U.S. Treasuries fund (~$2.18B) issued on Ethereum via Securitize. It is the global scale benchmark in tokenized money-market funds and competes directly with Spiko's T-Bills and Smart Cash USD products, with vastly deeper institutional distribution and balance sheet.
- Franklin Templeton (Franklin OnChain U.S. Government Money Fund): Franklin Templeton's tokenized U.S. Government Money Fund (FOBXX, ~$897M) is one of the earliest tokenized MMFs on Stellar and Polygon. It is a direct competitor in tokenized U.S. Treasury MMFs and was Spiko's co-issuer alongside WisdomTree in the ArbitrumDAO Stable Treasury Endowment Program.
- Circle (USYC): Circle's USYC is a tokenized money-market fund backed by U.S. Treasuries (~$1.62B), designed for institutional and on-chain use cases. It is one of the two tokenized funds larger than Spiko globally and competes for the same institutional treasury and stablecoin-reserve allocations.
- WisdomTree: WisdomTree operates tokenized money-market and Treasury products across European and U.S. rails and was Spiko's co-issuer (30% allocation) in the ArbitrumDAO Stable Treasury Endowment Program. Competes with Spiko's regulated UCITS offerings in the European institutional segment.
- Securitize: Securitize is the leading tokenization platform used by BlackRock BUIDL and others to issue and manage tokenized funds. It is an adjacent/partner relationship with Spiko today, but its expansion into fund management and EU rails positions it as a potential competitor to Spiko's tokenized-UCITS stack.
Direct peers
- Ondo Finance: Ondo Finance offers tokenized U.S. Treasuries (OUSG), yield-bearing stablecoins (USDY), and Flux Finance lending — total tokenized footprint of ~$779M+. Direct competitor to Spiko's USD-denominated tokenized MMF/T-Bills products for institutional and on-chain treasury use cases.
- Superstate: Superstate offers tokenized short-duration U.S. Treasury funds (USTB, ~$731M) for institutions and crypto-native treasuries. It is a head-to-head competitor to Spiko T-Bills and Smart Cash USD in the institutional and DAO treasury segment.
Emerging players
- Midas: Midas issues tokenized yield-bearing assets (mTBILL, ~$300M+) backed by short-duration Treasuries, primarily targeting crypto-native treasuries and DeFi composability. Comparable to Spiko's web3 distribution motion and a competitor for on-chain treasury allocations.
- Plume Network: Plume is an RWA-focused L2 blockchain hosting tokenized Treasuries, credit and money-market products. While infrastructure-layer rather than issuer, it overlaps Spiko's web3/treasury distribution thesis and could disintermediate on-chain distribution economics.
- Maple Finance: Maple Finance is an on-chain credit marketplace with tokenized Treasury products (syrupUSDC) competing for the same crypto-treasury allocation use cases as Spiko's on-chain USTBL/SAFO. Comparable target market (institutional and protocol treasuries) with a different (credit/DeFi-native) risk profile.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks7 records
Key highlights7 records
Customer concentration
Spiko social profiles
Digital presenceSpiko compliance and trust
Trust signalCompliance6 records
Spiko financial estimates
Financial estimateRevenue estimate
Valuation estimate
Spiko leadership team
Management profileNumber of profiles
Profiles2 records
Spiko funding detail
Funding detailFunding overview
Funding rounds2 records
Investors12 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Spiko M&A and investment
M&A and investmentM&A
Investments1 record
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Spiko
What does Spiko do?
Spiko issues and operates tokenized UCITS money market funds, including the multi-currency Spiko Smart Cash (EUR, USD, GBP, CHF) wrapped around an Amundi Overnight Swap Fund, the tokenized Spiko T-Bills funds in EUR/USD/GBP, and the Spiko Cash & Carry digital-asset strategy. Products are accessible to consumers, SMEs, startups, holding companies, fintechs, and digital-asset businesses through a self-serve web app, a B2B API, and direct smart-contract interactions.
Is Spiko a public or private company?
Spiko is a private company. It is classified as venture growth investor backed and is currently operating.
When was Spiko founded?
Spiko was founded in 2023. It employs 1 to 10 people.
Where is Spiko based?
Spiko is headquartered in Paris, France, in the Europe region.
How does Spiko make money?
Five revenue lines are on record. Management fees on Smart Cash (SAFO) funds are the primary driver. The others are management fees on Spiko T-Bills funds, performance and management fees on Spiko Cash & Carry, API / B2B platform access for fintechs and embedded / white-label distribution.
Who are Spiko's main competitors?
Broad incumbents on record are BlackRock (BUIDL), Franklin Templeton (Franklin OnChain U.S. Government Money Fund), Circle (USYC), WisdomTree and Securitize. Direct peers are Ondo Finance and Superstate. Emerging players are Midas, Plume Network and Maple Finance.
Does Spiko have an API?
Yes. Programmable, developer-facing access to Spiko's TRS (Total Return Swap) strategies in EUR, USD, GBP and CHF, available alongside UI and smart-contract access points. Enables fintechs and partners to manage client funds, subscribe/redeem and integrate Spiko yield products programmatically. Developer documentation is at docs.spiko.io.
What industry is Spiko in?
Spiko's product category is Tokenized Money Market Funds. Its primary akta.pro industry code is FSADAIAF, B2B Crypto Payouts, Mass Payments & Treasury Disbursements, with a secondary code of FSAGAMAG, Institutional DeFi & On-Chain Liquidity Infrastructure (Permissioned DeFi, Lending). Its NAICS code is 52591 and its SIC code is 6199.