Jiko, an Oakland, Calif.-based personal bank startup, raised $7.7m in Series A funding.
The round was led by Upfront Ventures and Radicle Impact with participation from Social Capital, 500 Fintech, Digital Currency Group, Core Innovation, Embark Ventures and Story Ventures.
The company intends to use the funds to continue to expand operations and develop the technology to make it available in early 2018.
Co-founded by Stephane Lintner, CEO, and Rocky Motwani, President, Jiko is advancing a personal bank that combines technology with simple features to help people safely use and invest their money.
Every Jiko is individualized, secure, and distributed on the cloud with data and money of a client not connected to anyone else’s.
The initial release allows users to earn real cash back on debit and high yield. There are no minimum balances, no hidden fees, and Jiko is free and always accessible through the app.