Spiko Raises Series B as Tokenized Cash Fund Assets Reach $2.7 Billion
Oct. 8, 2026 • Article • Companies & Deals
Spiko has completed a Series B funding round, taking its total capital raised to $120 million as assets in its tokenized cash funds reached approximately $2.7 billion, five times their level a year earlier. Index Ventures, which led its 2025 Series A, participated alongside Bpifrance, Speedinvest and other investors. The $120 million represents cumulative funding, not the size of the latest round.
Spiko serves more than 10,000 business and individual clients across over 25 jurisdictions, offering cash management funds denominated in euros, US dollars, pounds and Swiss francs. Its largest product, the Amundi-managed Spiko Amundi Overnight Swap Fund, accounts for nearly two-thirds of assets. Spiko Finance is licensed as an investment firm in France. The company plans teams in Germany, Italy, Spain, the Netherlands and the Nordics. An integration with Fipto lets corporate clients convert EURC and USDC holdings into its regulated funds; round-the-clock yield accrual and fixed-term tokenized funds remain planned.
Spiko has raised a Series B round, bringing its total capital raised to $120 million as assets in its tokenized cash funds reach approximately $2.7 billion. The asset figure is five times its level 12 months earlier, giving the funding announcement a measure of the firm’s growth as it prepares to expand across Europe.
The company serves more than 10,000 business and individual clients across over 25 jurisdictions. Its platform offers tokenized cash management funds denominated in euros, US dollars, British pounds and Swiss francs. Following the round, Spiko plans to establish dedicated regional teams in Germany, Italy, Spain, the Netherlands and the Nordics.
Funding and investors
Index Ventures, which led Spiko’s $22 million Series A in July 2025, also participated in the Series B. Other participating investors included Bpifrance, Speedinvest, Flourish Ventures, White Star Capital and Wintermute Ventures, as well as angel investor Axel Weber and the founders of Qonto.
The $120 million figure is Spiko’s total capital raised to date, rather than the amount raised in the latest round. The funding comes alongside reported growth in assets held through its tokenized cash funds, though the two figures measure different things: capital raised finances the company, while fund assets reflect money in its products.
Spiko was co-founded in 2023 by Paul-Adrien Hyppolite, a former deputy head of financial markets at the French Treasury, and Antoine Michon, a former French government technology adviser and Palantir deployment strategist. The company’s business centres on cash management products that use tokenization, a way of representing interests in financial products digitally. Its reported asset growth indicates rising use of those products, but does not by itself describe the makeup of its client base or the source of new inflows.
Funds and regulatory structure
Spiko’s largest single product is the Spiko Amundi Overnight Swap Fund, or SAFO. It is a UCITS fund managed by Amundi, with BNP Paribas acting as swap counterparty, and accounts for nearly two-thirds of Spiko’s total assets. That concentration makes the fund central to understanding the company’s reported $2.7 billion asset base; the figure is not spread evenly across its products.
The platform’s four fund currencies give clients cash management options denominated in EUR, USD, GBP and CHF. Spiko Finance is licensed as an investment firm in France by the Prudential Control and Resolution Authority, or ACPR, under oversight from the Autorité des Marchés Financiers, or AMF. CACEIS Bank acts as depositary.
Those roles matter when assessing the offering. Tokenization describes how a product is represented and accessed; it does not replace the underlying fund structure or the functions performed by its manager, counterparty and depositary. The available information identifies those parties for SAFO and Spiko’s regulatory position, without establishing that every fund on the platform has the same structure.
Stablecoin access and European expansion
Spiko has rolled out an integration with Fipto that lets corporate clients convert EURC and USDC stablecoin holdings directly into its regulated funds through platforms including Coinhouse. The integration links stablecoin balances to Spiko’s fund offering, giving those clients a route from holdings in the two named tokens into the funds. The announcement does not establish how widely clients have adopted that route.
The planned regional teams would extend Spiko’s presence across several European markets, while its existing client base spans more than 25 jurisdictions. Establishing those teams is a stated next step following the financing, not evidence that the expansion has already been completed.
Spiko has also scheduled continuous, around-the-clock yield accrual features and new fixed-term tokenized fund vehicles. Both are future product plans rather than features described as available today. Together with the Fipto integration and proposed regional teams, they show where the company intends to develop its cash management platform after the Series B: broader European coverage, another way for corporate clients to access its funds, and additional product options.
Hummingbird acquires Quantimon to connect machine learning with AML transaction monitoring workflows
Hummingbird announced its acquisition of Quantimon on October 28, 2026, as it works to connect machine-learning risk detection with compliance investigations. Financial terms were not disclosed. Quantimon’s team has joined Hummingbird to build closed-loop transaction monitoring capabilities, while co-founder and CEO Ben Duranske will advise during the transition. The companies had been commercial partners for approximately a year. The proposed feedback loop would use Hummingbird’s structured records of alert resolutions to retrain Quantimon’s detection models. Quantimon claims its algorithms can reduce false-positive alerts by up to 67%; the research provided does not establish how that figure was measured. Its federated learning network is designed to help institutions identify emerging financial crime patterns without sharing underlying customer or transaction data. The deal is Hummingbird’s second acquisition, following its purchase of data automation and integration startup LogicLoop in September 2024.
Guidewire Software has agreed to acquire hyperexponential for $1.7 billion in cash, with up to $400 million more payable if specified post-closing recurring revenue targets are met. The agreement was announced on October 27, 2026. Subject to customary regulatory and antitrust conditions, the transaction is expected to close in the second quarter of Guidewire’s fiscal 2027. The deal would bring hyperexponential’s pricing and underwriting software, including hx Renew and its hyperoperator agentic workbench, into Guidewire’s business. The platform supports decisions across more than $75 billion in annual commercial property and casualty gross written premium. At Guidewire’s Investor Day, CFO Jeff Cooper projected the acquisition would add at least 650 basis points to fiscal 2027 annual recurring revenue growth inorganically, followed by at least 150 basis points of organic ARR expansion annually from fiscal 2028. Guidewire plans to update its fiscal 2027 guidance in December 2026.
Whop announced a $200 million Series D on October 21, 2026, valuing the digital commerce platform at $5.1 billion. Sequoia Capital led the round, with Shopify Ventures participating. The valuation is about 3.2 times the $1.6 billion figure set during Tether’s strategic funding round in February 2026. Former Sequoia leader Doug Leone joined Whop’s board following the announcement. Whop said its annualized run-rate revenue exceeded $400 million as of September 2026, compared with $60 million at the beginning of 2025. It reported roughly 25,000 active business operators and an average blended transaction fee of approximately 6%. The company plans to expand its international team and establish regional offices in Europe and Colombia. It also reported more than 350,000 daily API calls across over 14,700 monthly active users of its newly launched Whop CLI and Model Context Protocol connectors, pointing to growing use of its developer tools.
London Stock Exchange Group has agreed to acquire credit intelligence provider Octus for $3.535 billion in cash. LSEG plans to fund the purchase entirely with external debt and expects the transaction to close in the first half of 2027, subject to customary regulatory approvals. Octus will join LSEG’s Data & Analytics division, with founder and CEO Kent Collier continuing to lead the business. The acquisition would add Octus’s private covenant and distressed credit data to LSEG’s debt-market offerings. LSEG plans to connect that information with products including Workspace, LPC and Yield Book, alongside Tradeweb. Octus is projected to generate more than $300 million in 2026 revenue at an adjusted EBITDA margin of approximately 40%. LSEG expects the deal to be neutral to adjusted earnings per share in its first full year after closing and accretive thereafter. It forecasts leverage reaching the upper end of its target range by the end of 2027.
CRB Group, the parent of Cross River Bank, agreed on October 20, 2026, to acquire Accrue, a fintech focused on merchant-branded digital wallets and customer loyalty. Accrue founder and CEO Michael Hershfield and his team are expected to join Cross River to lead its embedded wallet and loyalty offerings when the deal closes. Financial terms and a completion date have not been disclosed, and the transaction remains subject to customary closing conditions. The companies already had a banking relationship: Cross River held deposited funds and issued Visa debit cards for Accrue programs. The acquisition would bring Accrue’s wallet capabilities into that existing arrangement. Closed-loop wallets can keep payments and refunds within a merchant’s branded balance, offering an alternative to routing every transaction through card networks. The deal also illustrates why embedded finance providers are looking beyond payment-processing margins toward wallet software and stored-value services, though the companies have not disclosed the acquisition’s expected financial impact.
Hyperlayer has raised £19.5 million in a Series A2 round led by existing investor Flintlock Capital, valuing the company at £195 million post-money. Mouro Capital and Susquehanna Private Equity Investments also participated. The funding brings Hyperlayer’s capital raised over the trailing 12 months to approximately £50 million, following a £30 million financing in late 2025. The company develops Layer Core, a programmable overlay designed to let banks manage product logic, pricing and automated compliance above their existing core systems, which continue to record ledger transactions. Hyperlayer says it has secured deployment mandates with unnamed Tier 1 banks in Europe and North America. The round supports an international rollout following its US market launch in September 2026. Alongside the financing, Hyperlayer named Ben Helps chief operating officer and Louise Chan chief commercial officer. Flintlock Capital co-founder and general partner Joe Shamess joined its board.