Startup Jiko acquires Mid-Central National Bank

By Pavithra R

Jiko Group, a new bank holding company building innovative money platform, has announced the completion of the acquisition of Mid-Central National Bank former Mid-Central Federal Savings Bank.

The transaction which marks a major milestone in Jiko’s strategy to establish an entirely new model for money storage and movement was approved by the Office of the Comptroller of the Currency (OCC) and the Federal Reserve Bank of San Francisco.

Jiko is building a new foundation for money and transparently keeps its customers directly invested in liquid U.S. government-backed Treasury Bills (T-bills), instead of holding customer deposits. Its 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. 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,” said Stephane Lintner, CEO and Co-Founder of Jiko.

During the past 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. Its technology stack, combined with the recently acquired banking and broker-dealer licenses, forms 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. The firm is planning to launch a powerful and fluid mobile app for the general public in the near future.

Founded in 2016, Jiko is an innovative financial technology company and a bank holding company supervised by the U.S. Federal Reserve. The company was built with the mission to deploy a platform that gives everyone the opportunity to control and benefit from their money.