Jiko announced it has acquired $7.7 million in Series A financing led by Upfront Ventures and Radicle Impact. Social Capital, Digital Currency Group, Core Innovation Capital, 500 Startups, Story Ventures, and Embark Ventures also participated.
Jiko is a digital banking and debit card provider with no fee or minimum balance required. Account holders can also open a checking and a brokerage account to invest in U.S. Treasuries at the same time. The Jiko core technology is distributed at the user level so that each account is completely individualized and secure. Its Solid debit card – which the company claims is the first debit card with no name and no card number to prevent account fraud – also provides at least 0.5% cashback on every debit card transaction.
The company launched its service concurrently with the funding announcement, but proceeds purposes were not disclosed.