Jiko lands $40m Series B, launches T-bill corporate money storage solution
Fintech Jiko, which has launched a corporate money storage solution to “make money work harder”, has landed a $40 million Series B funding round.
The Series B round, led by Red River West, saw participation from Trousdale Ventures, Owen Van Natta, Temaris & Associates, La Maison Partners, BPI France, Anthem Ventures, Upfront Ventures and Radicle Impact.
Jiko’s Money Storage solution provides firms of all stripes low-cost access to storing and moving money in spendable T-bills – an asset class that offers a “highly competitive” potential yield, which traditionally can be costly and opaque to access, offering a more flexible alternative to other money storage options.
Cash is securely stored at custody bank BNY Mellon, put directly into T-bills with on-demand liquidity and is moveable around the clock on the Jiko network.
Jiko says its platform operates more cost efficiently than other fintechs on the market due to its technology stack, bank charter and status as a broker-dealer and also enables companies to conduct banking and financial activities in a manner that is “simple, effective and secure”.
The California-based financial network is led by CEO Stephane Lintner, who co-founded the company after nearly a decade at Goldman Sachs leading strategies across multiple asset classes.
Lintner says Jiko will help CEOs, chief financial officers (CFOs) and corporate treasurers remain “nimble” in the face of inflation, supply chain disruption and geopolitical conflict, “while still managing their company’s risk exposure”.