Jiko, a cash management FinTech, has raised $40m in Series B funding to empower businesses of all sizes to store their cash in higher yielding spendable T-bills.
According to a report from Finovate, the companyâ€™s Series B round was led by Red River West. Trousdale Ventures, Owen Van Natta, Temaris & Associates, La Maison Partners, BPI France, Airbus Ventures, Anthem Ventures, Upfront Ventures, and Radicle Impact also participated.
The round adds to the $47.7m the company has raised to date via its Series A and seed funding rounds.
Jiko â€œspendable T-billsâ€ provide transparent pricing and near instant liquidity, blending the safety and yield of T-bills with the flexibility of cash.
The Oakland, California-based FinTech leverages its status as a broker-dealer, as well as its technology stack and bank charter, to operate more cost-efficiently than other cash storage options.
Jiko Stephane Lintner, CEO and co-founder of Jiko, â€œTodayâ€™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 companyâ€™s risk exposure â€“ making it paramount that cash deliver yield through safe and secure strategies.
â€œThat 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 â€“ exemplified by our milestone launch of Jiko Money Storage.â€
Claas Kohl, Airbus Ventures Partner, added, â€œKikoâ€™s network presents uncompromised safety combined with the efficiency of a modern tech stack and is equipped to soon support multi-currency financial activity.â€
Back in 2020, Jiko acquired Mid Central National Bank in a deal that was the first of its kind.
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