Can Spiko’s tokenized money market funds push European banks to rethink idle cash strategies?

Spiko, the Paris and London-based fintech platform built to modernize corporate cash management, is emerging as a disruptive force in Europe’s conservative treasury market. The fintech recently raised $22 million in Series A funding, led by Index Ventures with participation from White Star Capital, Frst, Rerail, Blockwall and Bpifrance’s Digital Venture Fund. High-profile angel investors such as Revolut co-founder Nikolay Storonsky and Wise chief technology officer Harsh Sinha have also backed its vision to democratize access to institutional-grade yields.

In just one year of operations, Spiko has accumulated $400 million in assets under management (AUM) and processed over $900 million in working capital for more than 1,000 businesses. This organic growth, achieved without a formal sales team, signals strong market demand for alternatives to low-yield bank deposits. Analysts say the fintech’s rise may pressure traditional banks to rethink how they manage Europe’s estimated $25 trillion in idle corporate cash.

Why could Spiko’s $400 million AUM growth pressure European banks to offer better cash yield options to businesses?

For decades, European businesses have largely left their cash in bank accounts earning minimal returns. Even with central bank rates climbing in recent years, many treasurers continue to accept negligible interest because traditional banks have been slow to pass on higher yields. In contrast, U.S. corporations routinely park idle cash in money market funds and short-term Treasury Bills, earning competitive returns while retaining liquidity.

Spiko aims to bridge this gap by offering corporate clients access to short-term sovereign debt instruments—primarily Treasury Bills issued by Eurozone governments and the U.S. Treasury. These are widely regarded as among the safest assets globally, directly influenced by central bank policy rates. Spiko’s proposition resonates because it allows businesses to earn daily interest without committing funds to term deposits or taking on additional credit risk, a shift that analysts believe could force banks to become more competitive in retaining deposits.

The fintech’s use of a tokenized ledger is another differentiator. By acting as its own transfer agent on a blockchain network, Spiko eliminates the need for custodians and traditional settlement agents, reducing operational costs significantly. The platform also supports stablecoin transfers, enabling 24/7 cross-border cash movement, which traditional treasury systems cannot match. Institutional observers say this level of flexibility is attractive to multinational companies managing multiple currencies, and banks may need to upgrade their own systems or risk losing valuable corporate relationships.

How is Spiko’s focus on small and mid-sized businesses creating a competitive threat to legacy banking models?

Traditional banks have historically prioritized large corporate clients for treasury services, often overlooking small and mid-sized businesses due to high servicing costs and complex onboarding processes. Spiko, by contrast, was designed to target this underserved segment. Its API-first architecture allows fintech partners to integrate its money market funds directly into existing financial workflows, giving smaller enterprises seamless access to yields previously reserved for institutional clients.

Recent partnerships with French neobank Memo Bank and financial planning platform Fygr are helping Spiko scale rapidly. Market observers believe that if these smaller businesses start moving significant portions of their cash to tokenized platforms, traditional banks will be forced to respond with more competitive treasury products. The early traction also suggests that tokenized cash management may not remain a niche service for long; rather, it could redefine how businesses of all sizes approach liquidity optimization.

What does Spiko’s rapid growth mean for the future of European corporate cash management?

Spiko’s AUM growth to $400 million in under a year, achieved with a nine-person team and no formal sales force, is viewed by analysts as a sign of shifting market sentiment. They expect Spiko’s AUM to surpass $1 billion by the end of 2025 if its current adoption pace continues. While regulatory compliance and operational resilience will be key to sustaining this growth, the fintech’s early-mover advantage gives it an edge as banks play catch-up.

If tokenized money market funds gain further traction, institutional investors believe European banks will need to reconsider their current deposit strategies. Competitive pressures could lead to higher yields, faster settlement systems, and greater transparency for corporate clients. For businesses, this shift could unlock billions in additional returns annually, as idle cash begins to generate interest comparable to what U.S. corporations have enjoyed for years.

Spiko’s success may also encourage more fintechs to enter the tokenized treasury space, sparking innovation and further competition. Analysts suggest that if platforms like Spiko continue proving the safety and efficiency of tokenized money market funds, banks may eventually partner with or acquire such fintechs rather than risk losing clients to them.