Introducing a Better Bank
Entrepreneurs come in all shapes and sizes, but it’s not everyday that you see 20-year veterans of an industry become entrepreneurs. One reason this transition is so uncommon is that people can become so ingrained in the rules of a system that it’s hard to envision a new way of doing things. Similarly, industry veterans often become successful playing by existing rules and can perceive a vested interest in preserving the status quo. On the flip side, many successful entrepreneurs begin their journeys as industry outsiders, or have just enough category experience to know that they want to build something different — that they don’t want to play by the same rules.
That said, there are a few industries that are so complex and so nuanced that startups in these markets often fail to gain traction—not because founders lack a vision or passion, but because they lack the insider expertise to fully anticipate and appreciate challenges. (Think large, heavily regulated industries like pharmaceuticals or finance.) It’s simply rare to find founders with the necessary combination of deep industry expertise, startup hustle, and irrational optimism.
That’s why I’m so excited about our investment in Jiko. Jiko is changing what it means to bank by providing a personal, private solution for your money. And it’s founded by a team that knows intimately what’s wrong with the banking status quo.
Each Jiko is decentralized and distributed on the cloud. This means that your money and information are kept separate from other users in a way that’s much less susceptible to mass hacks. And it means that your money and data are never sold or leveraged for a bank’s profits.
Jiko provides all the conveniences of a traditional bank (debit cards, mobile and physical payments, brokerage leverage and much more) while also offering more value to the customer — think cash back on all debit purchases, no minimum balances or hidden fees, and an easy, personalized investment strategy. Read more about how the Jiko team is rethinking the banking industry here.
And this vision is made possible by an incredibly impressive team that is uniquely suited to this problem. Founders Stephane Lintner and Rocky Motwani have more than two decades of experience at the most senior levels of Goldman Sachs and JP Morgan, respectively. (As an added bonus, Stephane also happens to have a PhD in Applied and Computational Mathematics from Cal Tech.) They have deep, extensive knowledge of the banking industry that they’re now working to reinvent — the technology, the regulations, and of course the many flaws in the customer experience. If you were doing diligence on any other banking concept, these are the guys you’d want to call. Naturally, they’re also a team that you jump at the chance to back.
The Jiko team is passionate about trust and the customer relationship, especially as it relates to the increasing threats to privacy and data security. It was this passion that moved Stephane and Rocky to leave their corporate careers to start rebuilding a bank from the ground up. They’re true evangelists for a better, user-focused way to manage money.
We’re thrilled to support this remarkable team on their journey. Click here to join the Jiko waitlist.
