Jiko won a national charter after the launch of Fintech last year Buying a small Minnesota-based community bankHe said the business is accelerating its business strategy by following a consumer-focused model.

“We always open this idea at some point [application programming interfaces]. We’ve known Stefan Lintner, the founder and CEO of GICO, from the beginning, the beginning of BaaS was the vision in the DNA. “

Shortly after Jiko acquired the Central Federal Savings Bank in Wadana, Minnesota, Linter said the beginner was getting questions from other Fintech professionals interested in using the technology.

The platform, which specializes in GICO services, replaces bank deposits with government-backed treasury bills, allowing customers to use instant debit transactions. The company said the debit card reimbursement program will reimburse the customer for 1% of the transaction revenue.Matching purchases.

“They were very pleased with what we were doing and we immediately inquired,” said Lintner, a former Goldman Sachs trader. “So we started to think strategically, ‘Can we accelerate this?’ And we all come to the conclusion that it is the right thing to do.

Linter, the company that spent most of last year’s project, has worked hard to open the platform as soon as possible.

Lintner, who is expected to live directly in the coming weeks, has already lined up several partners. The company is in active talks with about 40 other partners, Lintner added.

The Gico Banking app can still be downloaded for users, and the company plans to improve its features, but its main use will serve as a “display” for Gico technology, Lintner said.

As an example of GICO’s potential, Lintner pointed to the biggest transaction this year.

In February, the company announced a $ 4.7 million debit card transaction as part of its 1% refund program. The company said it had paid $ 47,000 directly to the customer’s account with a GIC debit card.

“It shows that we can do big things – big and millions of dollars – and we have a lot of money left in the bank because we have T-bills behind it,” said Lintner, who said the debit card transaction was the biggest. Kind of in history.

Lintner said he is sure to call the Gico B2B focus – or “B2B2C focus” – a start-up for a larger market.

“We have a great opportunity to present our products and vision in a balanced way by incorporating our digital products into our favorite brands. We have a fundamentally endless scale of who we are and how we have built this,” he said. We are really a great infrastructure game that inspires everyone but still protects the consumer …. Keep doing some of it – but the real focus is on our partners. “

Same pole

Gico is not the first Fintech to shift its focus from direct-to-consumer model to business-to-business.

In the face of increasing competition from consumers such as Chim and Vero Bank, consumer digital banking has taken a similar stance when BM Technologies – formerly known as Bank Mobile.

BM Technologies, that was it Out of the customer bank Last year, he turned his attention to B2B in 2016, establishing his own position in the market and providing banking services to non-banking institutions. He spoke at a conference in September..

Pivot said his partnership with T-Mobile has helped T-Mobile Money grow to $ 1 billion in less than two years.

Lintner Gico said he is looking for interest in lifestyle applications, new and established fintex as well as banks.

“We are having interesting discussions with banks – but banks that have a lot of deposits and want to compete with Fintex are not sure how to do it,” he said. “It’s an exciting landscape. We’ll start a few this year. There will be a lot more next year.”