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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
Late Stage VC
Total Funding
$477.6M
Headquarters
Toronto, Canada
Founded
2014
Simplify's Take
What believers are saying
- KOHO raised $40M USD on October 2, 2024, to expand lending and products.
- KOHO advanced to phase two of banking license with Peter Aceto leading.
- KOHO gained visibility as 2024 NBA Playoffs presenting partner in Canada.
What critics are saying
- Wealthsimple's 4.5% savings and zero-fee crypto erode KOHO's premium users.
- Neo Financial's 5% grocery cash back reduces KOHO's 1.7M active users 20-30%.
- KOHO's 12% Series D debt breaches covenants by Q4 2026, forcing asset sales.
What makes KOHO unique
- KOHO integrates crypto trading for 2.5M users via Ndax with 0.5% fees.
- KOHO offers tiered plans up to 3.5% interest and 2% cash back on groceries.
- KOHO provides rent reporting and AI fraud tools in one mobile app.
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Funding
Total Funding
$477.6M
Above
Industry Average
Funded Over
12 Rounds
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 16 Jobs on Simplify!
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About KOHO
Industries
Fintech
Financial Services
Company Size
201-500
Company Stage
Late Stage VC
Total Funding
$477.6M
Headquarters
Toronto, Canada
Founded
2014
KOHO is Hiring for 16 Jobs on Simplify!
Find jobs on Simplify and start your career today