Fintech Spiko Raises $22 Million to Unlock Treasury Yields

• Spiko raised $22M to bring tokenized treasury access to underserved European SMEs.
• Over $400M in AUM shows strong demand for blockchain-powered cash management tools.
• Spiko bridges TradFi returns with DeFi access, reshaping SME liquidity management in Europe.

Paris-based fintech Spiko has raised $22 million in a Series A funding round led by Index Ventures. The startup focuses on tokenized infrastructure for cash management, targeting underserved small and medium-sized enterprises (SMEs) in Europe. Founded in 2023, Spiko aims to simplify access to treasury yields through blockchain, bypassing traditional custodians. The company plans to use the funding to scale its sales, marketing, product development, and strategic partnerships.

The round also attracted investments from White Star Capital, Frst, Rerail, Bpifrance, and Blockwall. Prominent angel investors participated as well, including Revolut co-founder Nikolay Storonsky and Wise CTO Harsh Sinha. According to Spiko, the investment will support its expansion and strengthen its infrastructure for tokenised financial services. The company’s model seeks to merge traditional finance (TradFi) stability with decentralized finance (DeFi) accessibility.

Unlocking Treasury Yield Exposure for European Businesses

Spiko offers SMEs the ability to earn interest on idle cash through tokenised access to treasury bills. These short-term debt securities are issued by major Eurozone governments and the US Treasury. Considered among the safest and most liquid financial instruments, treasury bills are widely used in institutional cash management. Spiko uses them as the underlying asset in its main funds, enabling non-speculative and secure exposure.

The startup acts as a transfer agent on a blockchain ledger, replacing the role of legacy custodians. This approach reduces the operational costs associated with managing small business cash deposits. It also enables 24/7 global transfers using stablecoins, offering faster and cheaper alternatives to traditional banking rails. Clients can convert between fiat and digital currencies to fund and withdraw assets flexibly.

As of now, more than $400 million in assets under management (AUM) are held through the platform. Over $900 million in working capital has been processed to date. These figures represent organic growth without formal sales campaigns. The firm expects to surpass $1 billion in AUM by year-end. Spiko has already formed partnerships with Memo Bank and Fygr to distribute its products to more clients.

Bridging TradFi Returns with DeFi Infrastructure

Spiko’s model addresses the European market’s growing need for better cash optimisation. Approximately $25 trillion currently sits idle in European bank deposits. This is in contrast to the US, where businesses commonly place cash in interest-bearing instruments. European SMEs often miss out on returns due to perceived complexity and regulatory fragmentation. Spiko’s infrastructure aims to bridge this gap through tokenised solutions.

By targeting smaller firms typically overlooked by banks, Spiko opens access to treasury markets previously available only to larger institutions. Tokenization allows scalable, low-cost fund management across borders. The startup positions itself as a platform for democratising financial access to sovereign-backed assets. As central bank rates remain above zero, the incentive for SMEs to pursue yield-bearing options continues to rise.

Spiko’s system integrates blockchain-based token issuance and stablecoin payments into a cohesive fund management platform. This enables seamless asset transfer and custody functions without relying on intermediaries. Clients benefit from reduced friction and increased transparency while retaining liquidity. These capabilities align with broader DeFi trends focused on open, programmable financial services.

Future Outlook and Regulatory Considerations

The recent funding round enables Spiko to accelerate its market entry and refine its product suite. It will focus on expanding distribution channels and deepening integration with financial partners. The company also plans to invest in technology development to enhance user experience and compliance frameworks. 

Nevertheless, due to the convergence between TradFi and DeFi, there exists a possibility of regulatory pressure. A stablecoin may be considered a potential target for cross-border transfers by financial authorities. Additionally, the use of tokenized assets introduces security and custody concerns. Short-term performance could also be affected by the volatility of the market, even though the building blocks are low-risk.

The model propagated by Spiko is coming at a time when financial institutions are considering a hybrid infrastructure. It represents a new approach, utilizing blockchain-based programmability in conjunction with exposure to reliable sovereign debt. If carried out effectively, it would become a blueprint for future financial innovation. Nevertheless, it is still hard to predict what the reaction of regulators and legacy institutions will be to that type of disruption.