Jiko raises $29m Series C, announces new board additions and advisory committee
US-based banking platform Jiko has raised $29 million in a Series C funding round, named new additions to its board and established a new advisory committee.
Jiko raises $29m in Series C funding round
Founded in 2016, Jiko combines online bank accounts with automated investments in US Treasury bills. Banking services are provided through Jiko Bank, which operates as a division of Mid-Central National Bank, acquired by the group in 2020.
In a statement, the San Francisco-based fintech says it plans to use the fresh investment to “expand its presence to meet the growing demand for the safety of T-bills across all sectors”, following a $40 million Series B led by Red River West in 2022.
Red River West joined existing investors Airbus Ventures and Radicle Impact, among others, to support this latest raise, led by Santa Monica-based Upfront Ventures.
The investment will also see Upfront Ventures board partner Steve Shafran join Jiko’s board of directors, alongside Barbara Yastine and Scott Richland.
Richland moves directly from the California Institute of Technology (Caltech), where he has served as chief investment officer since 2010.
Yastine currently sits on the advisory board of Radical Impact, and served as chair, CEO and president of Utah-based Ally Bank until 2015.
Alongside these new appointments, Jiko has also confirmed the formation of a new advisory committee, to be chaired by former Kyriba chief Jean-Luc Robert.
The committee also includes Lawrence Summers, who served as secretary of the treasury under the Clinton administration; David Wehner, chief strategy officer of Meta; Coinbase’s head of institutional product, Greg Tusar; and Sheila Bair, who previously served as chair of the US Federal Deposit Insurance Corporation (FDIC).
Jiko says the advisors will “offer guidance on industry trends, regulatory developments, and best practices” as the company looks to accelerate its growth.
