Spiko
“Can a MiFID-licensed startup use tokenization to become the default distribution layer for money market funds across European treasuries?”
Founded2023
HQParis, France
FoundersPaul-Adrien Hyppolite, Antoine Michon
Total raised$22M+ (Series A disclosed)
Latest roundSeries A, July 2025
IndustryFintech / Treasury (Money Market Funds)
The story
Founded June 2023 as a European tokenized money market fund platform for businesses and individuals. Built on MiFID investment-firm license (not banking license) with CACEIS Bank (Crédit Agricole) as depositary/custodian and Amundi as asset manager, avoiding the sponsor-bank-BaaS model common in US fintech. Expanded from EUR/USD funds to GBP/CHF and Smart Cash (TRS-based) by 2026, and is building tokenized rails on Ethereum, Solana and Stellar to become a distribution/issuance infrastructure for internet-native financial instruments.
Product timeline
2023
Spiko founded in Paris by Paul-Adrien Hyppolite and Antoine Michon· launch
2024
Launched Spiko Euro and Spiko Dollar money market funds (UCITS)· banking
2024
Hit $400M AUM within first year· milestone
2025
$22M Series A led by Index Ventures· funding
2025
Launched Spiko Pound and Spiko Swiss Franc funds· banking
2026
Launched Smart Cash (Spiko Amundi Overnight Swap Fund) using TRS mechanism· banking
2026
Multi-chain tokenization: Solana and Stellar integrations· crypto
2026
Approaching €2B AUM· milestone
Regulated entities
2
regulatory licences held by Spiko
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
1 layer disclosed in Spiko’s embedded-finance stack
Banking / BaaS
Accounting gap: minor