Jiko, a mobile banking startup, has reportedly raised $40m in its Series A funding round.
The investment was co-led by Upfront Ventures and Wafra, according to a report from FinLedger. Commitments also came from Radicle Impact, NYCA Partners, Anthem Ventures, and all of Jiko’s previous backers.
Jiko recently acquired US-regulated bank Mid Central National Bank. Funds from the Series A supported this acquisition, but capital will also be used to deepen Jiko’s technology stack, it said.
Jiko CEO and co-founder Stephane Lintner told FinLedger “A fair amount [of the Series A] went into the proceeds for the bank, but there is some money left to grow the business, launch our consumer product and hopefully turn into a profitable enterprise soon.
“There was a lot of regulatory scrutiny and so the money was in escrow for a while as regulators examined our acquisition. Everyone had enough patience to stick it out.”
The FinTech offers users a free banking platform and access to investments.
With the close of the round, the FinTech has raised a total of $47.7m in equity funding and $7m in debt, since it was founded in 2016.
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