Fintech Jiko buys a bank and ready to offer Debit card
By MYBRANDBOOK
Jiko, a fintech startup offering an account where all customer deposits are turned into Treasury bills, has received the regulatory all-clear to buy a bank. The fintech was founded in 2016 by Stephane Lintner, a former Goldman Sachs trader. In 2017, Lintner and his 23-person team set up an office in San Francisco and a development center in Iceland, where Jiko started developing its own technology.
It is led by former Goldman Sachs trader Stephane Lintner, has bought Minnesota-based Mid-Central National Bank after securing approval from the Office of the Comptroller of the Currency and the Federal Reserve Bank of San Francisco.
Acting Comptroller of the Currency Brian Brooks confirmed that his agency has approved the deal. The move by Jiko represents an important milestone in the maturity and evolution of fintech companies seeking to expand the reach of their products and services by becoming banks, buying or combining with a bank, or continuing to partner with banks in other ways,” he said in an emailed statement.
The Jiko bank acquisition and the de novo charter that federal regulators granted to Varo Bank this summer “should demonstrate the optimism and positive energy for consumers, our economy and the federal banking system,” Brooks said.
Jiko offers a mobile app through which users can open a bank account (through Mid-Central) and have that money automatically invested in U.S. Treasury bills. According to its app and website, Jiko plans to offer a debit card.
BHIM to join e-commerce, competing with PhonePe and Google Pay
The government-supported payment software BHIM is getting ready to join t...
The latest version of X helps prevent deepfakes on social medi
To combat deepfakes and shallowfakes, Elon Musk revealed a new update t...
India and Namibia collaborate on a payment system similar to U
Once operational, the platform will enable digital transactions in Namibia,...
Sebi issues show-cause notices to six Adani group firms
Sebi issued show-cause notices to six Adani Group firms, including Adani ...
ZOHO CORPORATION PVT. LTD.
TAC SECURITY SOLUTIONS
HAVELLS INDIA LTD.
SAMSUNG INDIA ELECTRONICS PVT. LTD.
Technology Icons Of India 2023: Ritesh Agarwal
Ritesh Agarwal Founder & CEO of OYO Hotels & Homes-World’s fastest g...
Technology Icons Of India 2023: Rajeev Chandrasekhar
Rajeev Chandrasekhar is the Union Minister of State for Electronics an...
Technology Icons Of India 2023: Sachin Bansal
Sachin Bansal’s fintech startup, Navi Technologies, simplifies loan ...
BBNL empowering rural India digitally
BBNL provide high speed digital connectivity to Rural India at afforda...
ECIL continues to keep India ahead in the growth of Information Technology and Electronics
ECIL played a very significant role in the training and growth of high...
BEL leveraging next generation technologies to keep the country ahead in Defence space
Bharat Electronics Limited (BEL) is a Navratna PSU under the Ministry ...
NETPOLEON SOLUTIONS
Netpoleon Group is a Value-Added Distributor (VAD) of Network Security...
RAH INFOTECH
RAH Infotech is India’s fastest growing technology value added dist...
TECHNOBIND SOLUTIONS PVT. LTD.
TechnoBind’s business model is focused on identifying and partnering...