• Spiko raised a $90 million Series B led by NEA, with Index Ventures, Bpifrance, Speedinvest and Wintermute Ventures also named as investors, per The Block on October 6, 2026.
• The company reports $2.7 billion in assets under management, over 10,000 businesses and individuals, and operations in more than 25 jurisdictions. These are company-reported figures.
• The Block reports $120 million raised in total. A $22 million Series A plus $90 million comes to $112 million, so the remainder comes from earlier or other funding that the origins reviewed do not itemize.
• No valuation was disclosed in the origins reviewed, so none should be inferred.
• Spiko's claim to a larger tokenized cash-fund range than BlackRock and Franklin Templeton rests on RWA.xyz data, and The Block notes it covers tokenized offerings only, not overall assets under management.

Spiko has raised $90 million in a Series B led by NEA, according to The Block on October 6, 2026. The company reports $2.7 billion in assets under management in regulated tokenized cash funds denominated in euros, dollars, sterling and Swiss francs. The round is best read as capital for distribution and market entry. The origins reviewed disclose no valuation and no take-rate, so the money says little about what the business earns per dollar of balances.

What the round and the balance figure show

The Block names Index Ventures, Bpifrance, Speedinvest and Wintermute Ventures alongside NEA, plus former Bundesbank president Axel Weber as an angel, and reports $120 million raised in total. Spiko's earlier Series A was $22 million, so the $120 million total implies funding beyond the A and B rounds that the origins reviewed do not itemize. The $2.7 billion in assets under management and the customer counts come from the company, not an audit or regulator.

Why distribution looks like the bet

Spiko says it serves more than 10,000 businesses and individuals in over 25 jurisdictions, via web and mobile apps and an API that financial institutions can integrate. That access layer is where a tokenized fund competes. The take-rate is undisclosed, so investors are underwriting balances and integrations. The open question is what Spiko keeps per dollar held, and whether those balances stay when short-term yields move.

The market-share claim needs a caveat

According to RWA.xyz data cited by The Block, Spiko's tokenized cash-fund range is now larger than those of BlackRock and Franklin Templeton. The comparison covers tokenized fund offerings only, not those managers' overall assets under management. A defensible reading is that Spiko is a leading issuer inside a young on-chain category, not that it rivals incumbents in cash management. We did not independently verify the RWA.xyz figures.

European expansion is the stated use of proceeds

The Block reports the proceeds will fund additional funds, new markets, and expansion in Germany, Italy, Spain, the Netherlands and the Nordic countries. Each market adds its own fund-distribution and corporate-onboarding requirements, so growth depends on regulatory fit and bank connectivity as much as capital. Watch whether Spiko publishes balances by market, discloses fees, and provides audited figures. Treasurers should check redemption terms, settlement timing and custody arrangements before treating a tokenized fund as operating cash.