Jiko raised $40 million in a Series B announced on October 6, 2022, to support its shift toward corporate cash management using U.S. Treasury bills. The round was led by Red River West, and the company’s valuation was not disclosed. Jiko later announced a $29 million Series C in December 2024, so the Series B was not its latest funding announcement.
What Jiko’s $40 million Series B funded
TechCrunch reported that Red River West led the round, with participation from Trousdale Ventures, Owen Van Natta, Temaris & Associates, La Maison Partners, BPI France, Airbus Ventures, Anthem Ventures, Upfront Ventures and Radicle Impact. Based on Jiko’s announcement, the report put the company’s total funding since its 2016 founding at $87.7 million. Jiko did not disclose a valuation. TechCrunch’s October 6, 2022 report described a move away from a consumer-focused model toward corporate money storage.
At the time, Jiko called the product Jiko Money Storage. CEO and co-founder Stephane Lintner told TechCrunch, “we’ve really accelerated and made our money storage product our key offering right now.” The pitch was to let businesses hold cash in Treasury bills while retaining payment and liquidity features. Those benefits were Jiko’s proposition, not independently established outcomes.
How Jiko describes its current cash-management service
Jiko’s current materials describe Jiko Pockets as combining a bank account at Jiko Bank with a brokerage account at Jiko Securities. The company says the linked accounts connect to banking payment rails and direct investment in U.S. Treasury bills. Its automated system is described as buying and managing bills, monitoring balances, and liquidating holdings when a payment or withdrawal is initiated. Customers can designate multiple Pockets, while JikoNet is described as a real-time settlement network for transfers between them. These are Jiko’s descriptions of its service, not independent assessments of how it performs in every circumstance. See Jiko’s FAQ.
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Jiko identifies Jiko Securities, Inc. as the registered broker-dealer providing Treasury investments, and Jiko Bank, a division of Mid-Central National Bank, as the banking-services provider. The distinction matters: an account may include bank and payment features even when the relevant balance is invested in securities.
What protections apply—and what they do not cover
Jiko’s disclosure says: “Investments in T-bills: Not FDIC Insured – No Bank Guarantee – May Lose Value.” Do not treat invested funds as an FDIC-insured bank deposit or assume the investment cannot lose value. Jiko also says securities in an account are protected up to $500,000 through SIPC, subject to applicable SIPC terms. SIPC protection is not insurance against investment losses or a guarantee that a security will retain its value.
What changed after the Series B
On December 12, 2024, Jiko announced a $29 million Series C led by existing investor Upfront Ventures, with participation from Airbus Ventures, Red River West, Radicle Impact and others. In that announcement, Jiko said clients had traded more than $10 billion in Treasury bills through the platform. That figure is the company’s own claim, not an independently audited total. The release also described a corporate dashboard, enterprise API and treasury-management integrations. Details in Jiko’s Series C announcement.
Federal Reserve order: what its termination means
The Federal Reserve Board announced on June 25, 2026, that it had terminated on June 23, 2026, the cease-and-desist order dated July 16, 2024, against Jiko Group, Inc. The announcement establishes that this specific enforcement action ended; it is not a Federal Reserve endorsement of Jiko or a finding about the safety, liquidity or yield of its product. See the Federal Reserve’s June 25, 2026 announcement.
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A company considering any cash-management product should compare the structure and practical operation of the account, rather than relying on the phrase “cash” or on a provider’s liquidity claims alone. Relevant questions include:
- Who legally owns and holds the assets, and are they bank deposits, direct Treasury holdings or fund shares?
- Which protections apply to each asset type, and what are their limits and exclusions?
- How quickly can holdings be sold and cash transferred under ordinary conditions—and what could delay access during market stress?
- What is the yield after fees and operational costs, and how are bill maturities reinvested?
- Which payment rails, account eligibility rules and minimums apply?
- How does the provider’s regulatory structure fit the company’s treasury, accounting and liquidity requirements?
The available company materials describe Jiko’s model and product features, but do not independently establish its yield, liquidity under stress, security, or current customer experience. Those points require due diligence for the company’s own needs.
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