Jiko Acquires Mid-Central National Bank to Deploy Its Innovative Money Platform
Approval by the Federal Reserve and Office of the Comptroller of the Currency enables Jiko to roll-out its innovative platform at scale to the general public, concluding three years of rigorous R&D, testing, and auditing
BERKELEY, Calif., Sept. 3, 2020 /PRNewswire/ -- Jiko Group, Inc., a new bank holding company building an innovative money platform, today announced it has completed its acquisition of Mid-Central National Bank - formerly Mid-Central Federal Savings Bank - headquartered in Wadena, MN.
The transaction, which was approved by the Office of the Comptroller of the Currency (OCC) and the Federal Reserve Bank of San Francisco, marks a major milestone in Jiko's strategy to establish an entirely new model for money storage and movement.
Unlike most traditional consumer fintech and banking institutions, Jiko transparently keeps its customers directly invested in liquid US government-backed Treasury Bills (T-bills), instead of holding customer deposits. Thanks to Jiko's proprietary technology, an investment can act as a liquid and spendable alternative to cash.
"The past decade of fintech and online banking innovations has exposed new customers to our industry and demonstrated that innovation in the financial sector is needed," said Stephane Lintner, CEO and Co-Founder of Jiko. "People's relationship to money must be fundamentally improved for everyone. One of Jiko's primary goals is to give people what they deserve: more organic and direct returns, without intermediaries and unnecessary friction."
Over the last three years, Jiko has invested heavily in its core infrastructure, which merges payment rails with real-time, 24/7 principal trading capabilities on T-bills. Jiko's technology stack, combined with the recently acquired banking and broker-dealer licenses, are the necessary building blocks to deliver on its core mission of deploying a platform that gives everyone the opportunity to control and benefit from their money.
With a completed bank purchase and all regulatory requirements fulfilled, Jiko will soon announce the launch of a powerful and fluid mobile app for the general public.
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Jiko Group, Inc., a bank holding company supervised by the U.S. Federal Reserve, is an innovative financial technology company headquartered in California. Jiko was formed in 2016, with a mission to deploy a platform that gives everyone the opportunity to control and benefit from their money.
Media Contact: Colin Crook, Director of Communications, Jiko e: [email protected] p: 650-269-5235