Spiko, a fintech company based in Paris, has raised US$22 million in a series A funding round led by Index Ventures.

Other investors include White Star Capital, Frst, Rerail, Blockwall, and Bpifrance’s Digital Venture Fund, along with individual backers like Nikolay Storonsky (Revolut) and Jean-Luc Robert (Kyriba).

Since launching a year ago, Spiko has managed over US$400 million in assets and processed US$900 million in working capital for more than 1,000 businesses.

It focuses on improving cash management services in Europe.

Spiko gives businesses access to daily interest through money market funds backed by treasury bills from Eurozone governments and the US Treasury.

The company uses blockchain to create a tokenized fund infrastructure, allowing efficient fund management and 24/7 cash-equivalent transfers.

🔗 Source: Spiko

🧠 Food for thought

1️⃣ Europe’s $25 trillion treasury opportunity arises from historical structural differences

Spiko’s rapid growth to $400 million AUM in just one year reflects a massive untapped market opportunity created by longstanding regional differences in treasury management.

Europe’s multi-currency environment historically created more complex treasury challenges compared to the US single-currency system, leading to decentralized practices where European companies often managed treasury functions independently at local levels1.

This fragmentation resulted in European businesses missing opportunities to optimize idle cash, creating the $25 trillion market gap that Spiko is now addressing through technology.

While US businesses routinely earn interest on cash holdings without sacrificing liquidity, European companies have traditionally faced a structural disadvantage in accessing similar treasury yields1.

The contrast between regions extends to payment infrastructure, with European firms adopting electronic payments with accurate value dates, while US reliance on checks complicates cash forecasting. However, European firms still lag in yield optimization despite their advanced payment systems2.

This explains why Spiko’s product has resonated so strongly with European businesses and why the company has achieved entirely organic growth without dedicated sales efforts.

2️⃣ Tokenization removes financial intermediaries, enabling previously unfeasible business models