Koho (fintech)

Koho is a Canadian neobank based in Vancouver, British Columbia. The company provides financial services through its mobile app and prepaid debit card. While not the first online only bank, Koho does have the distinction of being the first neobank in Canada.

Koho
Private
IndustryFinancial Services
Founded2014 (2014)
FoundersDaniel Eberhard
HeadquartersVancouver, British Columbia, Canada
ProductsDebit cards, peer to peer payments, fee-free overdraft
Websitewww.koho.ca

History

Koho was founded in 2014 and went into beta in 2015 offering it services through their mobile app.[1] The service was stated to officially launch in 2016 but was pushed back to 2017.[2] The company partnered with Peoples Trust Company and Visa for its banking services with the company providing all of the interface and UI.[3]

In 2019, Koho was able to secure $25 million in second round funding after successful growth and accumulating 120,000 accounts in Canada.[4] In 2020 amid the COVID-19 pandemic, Koho partnered with the CRA to allow their users to receive their emergency funds directly into their Koho accounts.[5]

Overview

Koho makes it revenue from the interchange whenever their card is used in a transaction. Besides allowing basic chequing services, the card also allows users to budget their money and set limits on what they can spend. Since its launch, Koho has expanded to include cash back on their debit card, offer different accounts like joint accounts on their cards,[6] and offering credit.[7]

See also

References
  1. https://betakit.com/koho-wants-to-create-a-canadian-bank-built-for-millennials/
  2. https://www.theglobeandmail.com/report-on-business/new-mobile-bank-koho-set-to-join-canadas-fintech-crowd/article27483505/
  3. https://techcrunch.com/2017/03/16/koho-a-mobile-only-suite-of-financial-services-for-millennials-launches-in-canada/
  4. https://www.crowdfundinsider.com/2019/12/154762-canadian-neobank-kohos-series-b-funding-round-secures-additional-25-million/
  5. https://help.koho.ca/en/articles/3956175-how-to-get-early-access-to-your-cerb-benefits
  6. https://betakit.com/koho-continues-to-attack-traditional-banking-features-with-new-joint-accounts/
  7. https://bankinnovation.net/allposts/biz-lines/payments/canadian-neobank-koho-to-launch-credit-and-savings-products-in-2020/
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