US FinTech Jiko has become the first FinTech to acquire a brick and mortar bank.  

In Brief:   

• The FinTech was founded by an ex-Goldman Sachs trader in 2016.  

• It has purchased Mid-Central National Bank based in Minnesota.  

• Jiko has just 23 staff.  

What does this mean?  

This is the first time a FinTech has purchased a nationally chartered, regulated bank. Jiko intends to give people an easier way to manage their money and remove friction. Soon, a new mobile banking app will be launched.  

Read more here.