Jiko has closed a $40 million series B funding round and launched its solution for storing cash in spendable T-bills.
The US fintech, which is based in California, attracted the investment from Red River West, as well as Trousdale Ventures, Owen Van Natta, Temaris & Associates, La Maison Partners, BPI France, Anthem Ventures, Upfront Ventures, and Radicle Impact.
Jiko previously raised $47.7 million in series A and seed funding.
Its money storage solution serves companies of all sizes, enabling them to store cash securely at custody bank BNY Mellon. Their cash is put directly into T-bills with on-demand liquidity and will soon be made moveable 24/7 on the Jiko network.
Jiko says its money storage solution is a safer and more flexible alternative to others available on the market, in part because its platform operates more cost efficiently due to the company’s technology stack, bank charter and status as a broker-dealer.
Stephane Lintner, chief executive officer and co-founder, commented: “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.”
“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.”