Paris-based fintech startup Spiko has raised $22 million in a funding round led by Index Ventures, marking a major milestone for the fast-growing player in the tokenized money market fund (MMF) sector. High-profile angel investors in the round include Revolut co-founder Nikolay Storonsky, Kyriba founder Jean-Luc Robert, and Wise CTO Harsh Sinha.

Despite launching less than a year ago, Spiko has already amassed nearly $400 million in assets under management (AUM), placing it just outside the top five globally in tokenized MMFs. For comparison, fourth-ranked WisdomTree holds $489 million in AUM. Spiko’s stated goal of reaching $1 billion AUM by year’s end appears increasingly plausible given its rapid ascent.

While many U.S.-based tokenized MMFs are backed by major stablecoin issuers managing billions in idle reserves, Spiko is taking a different path. It targets European and international businesses with idle cash, whether from traditional sources or the crypto sector. With Europe sitting on an estimated €25 trillion in dormant cash deposits, the opportunity is vast.

“In Europe, there’s a mistaken belief that your money won’t earn interest unless you lock it away or take on risk,” said Paul-Adrien Hyppolite, Spiko co-founder. “But as long as central bank rates are above zero, sitting on idle cash means European businesses are missing out on returns that US competitors routinely receive. With Spiko, we’re changing the game.”

Spiko currently operates two funds—one denominated in euros and the other in U.S. dollars—both accessible via five public blockchains, including Ethereum and Polygon. The euro-denominated fund is proving more popular, with €238 million ($277 million) under management versus $120 million in the U.S. dollar version, according to CoinGecko.

What sets Spiko apart is its conservative and compliant approach. Assets are held in custody by CACEIS, the securities services joint venture between Crédit Agricole and Santander. Fund management is handled by Twenty First Capital, and the euro-denominated fund is fully regulated under UCITS by France’s Autorité des Marchés Financiers (AMF) and audited by PwC.

This approach stands in contrast to riskier startup models. By aligning with established institutions, Spiko has positioned itself as a serious player—not only in the tokenized MMF space but in Europe’s broader digital finance ecosystem.