Jiko Launches ‘Spendable T-Bill’ Money Storage Solution for Companies

Saying it aims to help firms make their cash work harder, financial network Jiko has announced the public launch of a solution that enables companies of all sizes to store money in spendable T-bills.

With the Jiko Money Storage solution, companies’ cash is stored at custody bank BNY Mellon and put into T-bills with on-demand liquidity. In addition, it will soon be able to be moved 24/7 on the Jiko network, the company said in a press release Thursday (Oct. 6).

The company also announced that it has closed a $40 million Series B funding round and said it plans to use the new funding to “transform the future of liquid money storage,” according to another Thursday press release.

“Today’s CEOs, CFOs and corporate treasurers must be increasingly nimble in the face of factors such as inflation, supply chain disruption and geopolitical conflict, while still managing their company’s risk exposure — making it paramount that cash deliver yield through safe and secure strategies,” Jiko CEO and co-founder Stephane Lintner said in the release about the new product.

“That need is at the heart of why we created Jiko, and with this additional funding, we look forward to continuing our work to transform how money can be moved and stored — exemplified by today’s milestone launch of Jiko Money Storage,” he continued.

According to the company, Jiko is able to help companies with simple, effective and secure banking and financial activities because of its technology stack, bank charter and status as a broker-dealer.

See also: Jiko Becomes First FinTech To Swallow A National Bank

Alfred Véricel, founding partner at Red River West, a company that participated in the recent funding round and the previous one, said in the release: “While in private beta, Jiko’s safe, liquid and performant B2B product had already encountered incredible traction with cash rich organizations, and it is only getting stronger in the current macro environment.”

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