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Overview
KOHO provides a modern alternative to traditional banking in Canada through a prepaid Visa card and a mobile app. It targets individuals who want simple, transparent money management with fewer fees. Users load funds onto a prepaid card, spend with cash back on purchases, and can access features like credit-building services and early payroll. The app shows spending and balances in real time, helping users manage money without a traditional bank account. KOHO makes money mainly from merchant interchange fees when users pay with the card and from optional premium services, while offering a free base product. Unlike typical banks or some fintechs, KOHO emphasizes a free-to-use app and card with clear fees and control over finances.
About KOHO
Industries
Fintech
Financial Services
Company Size
201-500
Company Stage
Series E
Total Funding
$572.9M
Headquarters
Toronto, Canada
Founded
2014
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Simplify's Take
What believers are saying
- 2.5 million users support cross-sell into crypto, insurance, and premium services.
- $130 million Series E provides capital for banking licence execution and growth.
- AI-assisted fraud investigations reduce analyst time from 95 minutes to 35 minutes.
What critics are saying
- Federal banking licence approval remains unresolved, delaying KOHO’s full-bank conversion.
- Crypto trading inside the app increases regulatory scrutiny and reputational exposure.
- Interchange dependence leaves revenue vulnerable to network fee pressure and spend compression.
What makes KOHO unique
- Prepaid Mastercard app bundles spending, savings, cash back, and credit-building tools.
- Founded in 2014, KOHO targets fee-sensitive Canadians seeking simpler everyday banking.
- Bank of Canada PSP registration strengthens KOHO’s regulated payments positioning.
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Funding
Total Funding
$572.9M
Above
Industry Average
Funded Over
13 Rounds
Industry standards
Benefits
Wellness Program
Paid Vacation
Parental Leave
Remote Work Options
Home Office Stipend
Professional Development Budget
Company Equity
Growth & Insights and Company News
6 month growth
↓ -1%1 year growth
↓ -2%2 year growth
↑ 0%Mainstream banks and credit unions are re-examining their underwriting standards across consumer and commercial lending. As Clive Kinross, CEO of FinTech Propel Holdings, told PYMNTS CEO Karen Webster, the credit pipeline is about “as tight as it’s been over the last 10 years.” Tariff-related macro uncertainty means that consumers who would otherwise qualify for mainstream credit are now finding themselves in different segments of the market. The Federal Reserve Bank of New York reported in May that late-stage delinquencies on revolving debt surged year over year. Household debt reached $18.2 trillion in the first quarter, increasing by $167 billion, a 0.9% rise from Q4 2024 and a 2.9% year-over-year increase. This marked the lowest annual growth rate since Q1 2021
FinTech startup not yet confident about generative AI in customer-facing products
How a FinTech startup migrated towards the future of banking
Capital allows FinTech firm to expand lending book and product offerings.
Canadian fintech startup. KOHO <i class="fa fa-info-circle company-popover" data-content="h3KOHO/h3. div
KOHO is Hiring for 9 Jobs on Simplify!
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About KOHO
Industries
Fintech
Financial Services
Company Size
201-500
Company Stage
Series E
Total Funding
$572.9M
Headquarters
Toronto, Canada
Founded
2014
KOHO is Hiring for 9 Jobs on Simplify!
Find jobs on Simplify and start your career today