California fintech buys bank to roll out T-bill spending platform

Jiko Group, a new bank holding company, announced it’s 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.

Jiko keeps its customers directly invested in liquid US government-backed Treasury Bills (T-bills), instead of holding customer deposits. It’s proprietary technology means that an investment can act as a liquid and spendable alternative to cash.

Stephane Lintner, CEO and co-Founder of Jiko, said in a statement: “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.

Read the full release

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