Spiko Review 2026: Regulated T-Bill Yield for Cash

Spiko is a Paris-based cash management platform that describes its mission as making cash earn for everyone. It serves start-ups, SMEs, holding companies, fintechs, crypto-natives, real estate companies, freelancers and individuals. DefiLlama lists it in the real-world assets category, with tokenized money market funds USTBL and EUTBL that invest in US and Eurozone T-bills.

The homepage shows cash accounts in euro, dollar, pound and Swiss franc, government money market funds for regulated uses such as client fund segregation, and an arbitrage product called Cash & Carry. It reports $3.2B in cash on the platform, $49.4M in interest paid and $12.9B in total deposits and withdrawals. These are self-reported figures.

Spiko Finance is a French SAS licensed as an investment firm by the ACPR and registered with ORIAS. It says it raised $90M. The company positions itself closer to a regulated fintech than a typical permissionless DeFi protocol.

Spiko offers regulated cash management products. Its money market funds invest in short-term government debt, such as US and Eurozone T-bills. Investors hold fund shares, and the fund's income is passed on as yield that Spiko says is accrued daily and shown net of fees.

DefiLlama describes the USTBL and EUTBL products as tokenized money market funds regulated by the French Financial Markets Authority. Tokenization means fund shares are represented as digital tokens, which can make subscription, redemption and integration with crypto platforms easier. The chains used are not named publicly.

The smart cash accounts are described as paid daily by a banking counterparty, BNP Paribas, with client funds held by CACEIS Bank. Spiko says it does not hold client funds. Cash & Carry is separate, an arbitrage strategy that aims for higher yields and accepts some volatility.

Spiko says its accounts are free and that the yields it shows are net of fees, with no extra fees. The homepage displays net yields of 4.37% in USD, 4.17% in GBP, 2.84% in EUR and 0.24% in CHF.

The fee levels inside the underlying funds, and any charges for specific products such as Cash & Carry, are not itemized on the homepage. Users would see these in the fund documents and the app.

Spiko states that it is a MiFID-authorized investment firm in France, licensed by the ACPR under no. 19183 and registered with ORIAS under no. 23008251, and that these can be checked on public registers. It says its flagship products are UCITS approved and that client funds are held by CACEIS Bank, with Spiko holding no client funds. It names partners such as Amundi, PwC and CACEIS.

Underlying assets are T-bills or bank-backed exposure, but they are not risk-free in every sense: rates change, and counterparties and platforms can fail. Cash & Carry explicitly carries some volatility. DefiLlama lists two audits, but the audit reports are not described on the homepage. Check the fund documents and your own regulatory protections before depositing large sums.

Spiko is for businesses, fintechs, crypto-native teams, freelancers and individuals who want to keep treasury in regulated, T-bill-based or bank-backed products with daily yield. It is less suited to users looking for permissionless, high-yield DeFi farming or anonymous access.