Key Highlights
- French fintech startup Spiko is expanding its tokenized cash fund operations to London following regulatory registration with the UK’s Financial Conduct Authority (FCA).
- Founded in June 2023 by former French Treasury official Paul-Adrien Hyppolite, Spiko manages the flagship SAFO tokenized cash fund launched in collaboration with BNP Paribas and Amundi.
- Spiko’s leadership sees vast potential in bridging the adoption gap for European tokenized money market funds relative to the massive market in the United States.
Spiko Targets European Expansion with UK Regulatory Step
Paris-based fintech Spiko is scaling its tokenized investment operations across Europe, initiating an expansion to London after registering its flagship fund with the United Kingdom’s Financial Conduct Authority (FCA). The cross-border move comes seven months after the debut of its flagship SAFO tokenized cash fund, an initiative launched in partnership with traditional European financial powerhouses BNP Paribas and Amundi.
Spiko was co-founded in June 2023 by Chief Executive Officer Paul-Adrien Hyppolite, who previously served as the deputy head of the financial markets division at the French Treasury Department. Addressing the company’s visibility as it enters broader financial hubs, Hyppolite pointed to the firm’s localized beginnings as an early hurdle that the startup is steadily overcoming.
“We started in France, so it’s very French as a result,”
Hyppolite said in an interview. “It was also a bit more difficult because initially we were just a startup, no track record, no brand name, of course. So we are building that up.”
Capitalizing on the European Tokenization Gap
Despite the challenges of establishing a new brand, Spiko sees immense growth opportunities in the European market for tokenized money market funds. Currently, these digital vehicles represent only a minimal fraction of the total capital stored in conventional bank deposits across the continent, highlighting substantial untapped room for asset managers and blockchain issuers.
By comparison, the United States displays a vastly different financial distribution. Money market funds in the U.S. hold approximately $8 trillion, representing roughly 40% of the total cash sitting in traditional bank deposits, which range between $16 trillion and $18 trillion. Hyppolite believes that Europe will eventually follow this trajectory as adoption deepens.
“I’m convinced that things will change in the sense that we will catch up,”
Hyppolite said.
Why This Matters
The expansion of Spiko underscores the growing momentum behind real-world asset (RWA) tokenization, specifically within the conservative and highly regulated sector of money market funds. By securing FCA registration and partnering with institutional giants like Amundi and BNP Paribas, Spiko aims to build cross-border credibility and accelerate European adoption of on-chain cash management. If European markets begin to narrow the gap with the trillions managed in U.S. money market funds, firms establishing early regulatory and banking footprints stand to capture significant institutional capital inflows.
Frequently Asked Questions
What is Spiko and who founded it?
Spiko is a financial technology company co-founded in June 2023 by Paul-Adrien Hyppolite, who previously served as the deputy head of the financial markets division at the French Treasury Department. The firm specializes in tokenized fund solutions.
What is the SAFO fund and who are its partners?
SAFO is Spiko’s flagship tokenized cash fund. It was introduced seven months ago and operates in conjunction with major European asset manager Amundi and French banking group BNP Paribas.
Where is Spiko expanding next?
In an effort to diversify beyond its domestic market in France, Spiko is launching operations in London, having successfully registered the SAFO fund with the UK’s Financial Conduct Authority (FCA).
