Personal bank application Jiko has closed a $7.7m Series A funding round led by Upfront Ventures and Radicle Impact.
Other commitments to the round came from firms including Social Capital, 500 Fintech, Digital Currency Group, Core Innovation, Embark Ventures, and Story Ventures.
Jiko offers users a free banking platform and access to investments. The platform allows users to earn a minimum of 0.5 per cent cash back on all debit card transactions, as well as make unlimited virtual cards. Creating virtual cards for different shops and websites, helps limit cyber risk, by easily deactivating one card, and still have another to use. The application also helps keep users fully invested, automatically acquiring safe investments.
The company is looking to implement new services in the future including a private P2P messaging service and a native payment capability to let users complete transactions in chats or other applications.
This capital will be used to help support the platform and to improve its technology.
Last week, Radicle Impact took part in True Link Financial’s $8m Series A funding round. The company offers retirees with money management, investment opportunities and insurance products.
Other companies currently in the firm’s portfolio include lending platform Lendstreet, payday loan provider Lendup and digital fiat currency provider eCurrency.
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