OAKLAND, Calif.--(BUSINESS WIRE)--Jiko, the revolutionary financial network to store and move money, today announced the public launch of its Jiko Money Storage solution, enabling companies of all tiers – from multinational corporates to startups – to store money in spendable T-bills. This launch comes off the heels of Jiko’s Series B funding round, led by Red River West and also including investments from Trousdale Ventures, Owen Van Natta, Temaris & Associates, La Maison Partners, BPI France, Airbus Ventures, Anthem Ventures, Upfront Ventures and Radicle Impact. Jiko previously raised $47.7m in Series A and seed funding.
With Jiko Money Storage, cash is securely stored at leading custody bank BNY Mellon, put directly into T-bills with on-demand liquidity and will soon be made moveable 24/7 on the Jiko network. This first-of-its-kind corporate money storage solution comes as firms look to make cash work harder to combat inflation and volatility.
“Today’s CEOs, CFOs and corporate treasurers must be increasingly nimble in the face of factors such as inflation, supply chain disruption and geopolitical conflict, while still managing their company’s risk exposure – making it paramount that cash deliver yield through safe and secure strategies,” said Stephane Lintner, CEO and Co-Founder of Jiko. “That need is at the heart of why we created Jiko, and with this additional funding, we look forward to continuing our work to transform how money can be moved and stored – exemplified by today’s milestone launch of Jiko Money Storage.”
Jiko Money Storage provides companies of all sizes and across industries with low-cost access to T-bills, made spendable – an asset class that offers highly competitive potential yield, but for which traditional access can be costly and opaque – thereby presenting a safer and more flexible alternative and complement to other money storage options. Jiko’s platform, which operates more cost efficiently than other fintechs on the market due to its technology stack, bank charter and status as a broker-dealer, also enables companies to conduct banking and financial activities in a manner that is simple, effective and secure.
Larry Summers, former United States Secretary of the Treasury and advisor to Jiko, comments, “In today’s macro environment, cash should be put to work – not sit idly in bank accounts. I don’t endorse any products or platforms, but I am excited by the innovation that Stephane and his team are delivering for money storage and look forward to continuing to advise them.”
Alfred Véricel, Founding Partner, RRW, notes, “As an investor in Jiko’s previous funding round as well, RRW believes strongly in the vision of an infinitely scalable infrastructure that can unlock a new category in money storage. While in private beta, Jiko’s safe, liquid and performant B2B product had already encountered incredible traction with cash rich organizations, and it is only getting stronger in the current macro environment.”
Owen Van Natta, founder of OVN Capital and former VP of Worldwide Business and Corporate Development at Amazon, COO of Facebook, and CEO of MySpace, adds “With a rock-solid foundation and leadership team that possesses both vision and the know-how to execute, I am confident that Jiko is poised to change the game for money storage.”
Jiko is a revolutionary new financial network, enabling companies – from multinational corporations to startups – to both store and move money, starting with the power of T-bills, made spendable. Securely stored at the biggest custody bank in the country, cash is put directly into T-bills with on-demand liquidity. Jiko combines the stability of an established national bank with the modernity of an integrated technology stack. Founded in 2016 and led by a team of Wall Street veterans, quants and technologists, Jiko owns and operates an OCC-chartered, Member FDIC national bank and registered broker-dealer. For more information, visit www.jiko.io.
About Red River West:
Red River West is a growth stage VC fund that supports the best European Tech companies that have something unique to bring to the US market and transform them into US and Global successes. The fund was started by tech entrepreneurs and investors who all share a track record of building and backing start-ups which became global leaders through EU to US expansion.
Investments in T-bills are- Not FDIC Insured - No Bank Guarantee - May Lose Value
All U.S. treasury investments and investment advisory services provided by Jiko Securities, Inc., a registered broker-dealer, member FINRA and SIPC. Securities in your account are protected up to $500,000. For details, please see www.sipc.org.
Banking services provided by Jiko Bank, a division of Mid-Central National Bank, Member FDIC.