Spiko and tokenized cash funds
A company's operating cash, or the client money a payment firm must keep apart from its own, often sits in a bank account. Spiko Finance, a Paris investment firm, offers that cash a place in money market funds that hold government bills, with fund shares recorded as tokens on public blockchains and an app that offers instant withdrawal.
Money market funds for business cash
Spiko Finance is licensed as an investment firm by the French Prudential Control and Resolution Authority (ACPR), and its flagship funds are UCITS approved by the French regulators. Its Smart Cash accounts in euros, dollars, pounds and Swiss francs invest operating cash and its government money market funds serve regulated uses such as the segregation of client funds. Client money is held by CACEIS Bank, a Crédit Agricole subsidiary, and Spiko names Amundi among the asset managers it works with.
Spiko was founded in Paris in 2023 by Paul-Adrien Hyppolite and Antoine Michon. More than 10,000 businesses and individuals in over 25 jurisdictions use its funds, directly or through platforms that embed them by API, The Next Web reported on the company's Series B led by NEA.
The EU T-Bills fund
The Spiko EU T-Bills Money Market Fund holds Treasury bills of core eurozone countries. It is a French fund approved by the AMF, launched in May 2024, with CACEIS as depositary and fund accountant, a management fee of 0.25 percent a year and a minimum investment of one euro. Its prospectus guarantees daily liquidity, the portfolio is marked to market every business day, and income accumulates in the share value. Spiko also runs a US T-Bills money market fund in dollars.
Fund shares as tokens
Spiko records its fund shares as tokens on public blockchains. The shares are permissioned ERC-20 tokens that only allowlisted, KYC-checked addresses can hold, and an oracle contract publishes the net asset value per share on chain, according to the web3-ethereum-defi documentation, which tracks the US fund's token USTBL on Ethereum and the EU fund's token EUTBL on Arbitrum. Tokenized money market funds compares the approach with BlackRock's BUIDL and other funds.
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What does Spiko Finance do?
Spiko Finance gives businesses and individuals access to regulated money market funds that hold government bills. Its app and API let a company place cash in the funds and withdraw it, and the fund shares are recorded as tokens on public blockchains.
Is Spiko regulated?
Yes. Spiko Finance is licensed as an investment firm by the French ACPR, and its EU T-Bills fund is approved by the French AMF. Client funds are held by CACEIS Bank.
What is the Spiko EU T-Bills Money Market Fund?
It is a French money market fund that invests in Treasury bills of core eurozone countries, with daily liquidity under its prospectus and a minimum investment of one euro.
How is Spiko different from a stablecoin?
A stablecoin is an e-money token redeemable at a fixed value. A Spiko token is a share in a money market fund: its value follows the bills in the portfolio, and the income accrues in the share value.
Treasury and digital money
Spiko and Finance Loop
Finance Loop is media partner of Capital & Code, the Frankfurt conference where corporate treasurers, asset managers and payment firms discuss tokenized funds and stablecoins. Tokenized money market funds belong to Finance Loop's Investment & Digital Assets track, and the cash management of treasurers to Payments & Digital Money.
Finance Loop is a professional network and has the goal of driving the adoption of emerging technologies in finance, such as AI, digital payments, cloud and blockchain solutions. Finance Loop helps its members build skills and personal networks in these fields: Investment & Digital Assets, Payments & Digital Money, Digital Infrastructure & Sovereignty, and Risk & Compliance.