Digital bank Jiko has acquired Mid-Central National Bank, a 63-year old brick-and-mortar bank in Wadena, Minn. This is the first time a digital bank has overtaken a nationally chartered and regulated bank.
A former Goldman Sachs trader founded the government-backed start-up. As such, it describes itself as a "unique and innovative model."
"[We] give unprecedented control when it comes to where and how your money is connected," its website reads.
"More Organic and Direct Returns"
Notably, Jiko claims that its average account generated a 3.3% annualized return last year.
“The past decade of fintech and online banking innovations has exposed new customers to our industry and demonstrated that innovation in the financial sector is needed,” said Stephane Lintner, CEO and co-fo...