KOHO Financial Inc.
TypePrivate
IndustryFinancial services
Founded2014 (2014) in Vancouver, British Columbia
FoundersDaniel Eberhard,
Mike Benna,
Jonathan Bixby,
Joshua Bixby
HeadquartersToronto, Ontario
Websitewww.koho.ca

KOHO Financial Inc. (styled as KOHO) is a Canadian fintech company based in Toronto.[1] While it is not a bank, the company provides banking services via KOHO Financial Inc. pursuant to a license by Mastercard International Incorporated.

History

KOHO was founded in 2014 in Vancouver.[2][3] In 2015, the project was launched, offering its services through their mobile app in beta.[4] The service's launch was announced for 2016 but was pushed back to 2017.[5] The company partnered with Peoples Trust and Mastercard for its banking services[6] with the company providing all of the APIs and User Interfaces.[7] Funds deposited into a KOHO card are not insured by the Canada Deposit Insurance Corporation, and will be returned to account holders by Peoples Trust in the event KOHO fails.[8][9]

Later in 2017, KOHO moved its headquarters to Toronto, after again receiving investment from Portag3 Ventures.[10][11]

In 2019, KOHO was able to secure $25 million in second-round funding after successful growth and accumulating 120,000 accounts in Canada.[12] 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.[13]

On August 19, 2020, KOHO partnered with Manzil to launch the very first Halal Prepaid Mastercard program in Canada.[14][15]

Awards and distinctions

  • Nasdaq FinTech Innovation Award (2015)[16]

See also

References

  1. ↑ "Koho continues to attack traditional banking features with new joint accounts | BetaKit". February 6, 2019.
  2. ↑ Mckenzie, Kevin Hinton & Ryan. "Matrix: Vancouver's money makeover".
  3. ↑ "Koho Set to Disrupt Canada's Big Five Banks". Techvibes.
  4. ↑ "Koho wants to create a Canadian bank built for millennials | BetaKit". December 3, 2014.
  5. ↑ "New mobile bank Koho set to join Canada's fintech crowd" – via The Globe and Mail.
  6. ↑ "KOHO is a Free Alternative to a Chequing Account for Canadians". www.koho.ca. Retrieved 2023-11-22.
  7. ↑ "Koho, a mobile-only suite of financial services for millennials, launches in Canada".
  8. ↑ "Is KOHO CDIC Insured?". Koho Help Centre. Retrieved 24 November 2020.
  9. ↑ "Cardholder Agreement". Koho Legal. Retrieved 24 November 2020. Funds loaded onto the Card are not insured by the Canada Deposit Insurance Corporation (CDIC).
  10. ↑ "Vancouver-based Koho hiring Toronto team, including VP of Finance and COO".
  11. ↑ "Koho raises $8 million from Portag3 as Paul Desmarais III and Mike Katchen join board".
  12. ↑ "Canadian Neobank Koho's Series B Funding Round Secures Additional $25 Million". Crowdfund Insider. December 3, 2019.
  13. ↑ "How to get early access to your CERB benefits?". help.koho.ca.
  14. ↑ "Manzil partners with Koho to launch halal prepaid Mastercard card | BetaKit". 2020-08-19. Retrieved 2020-12-01.
  15. ↑ "Manzil Partners With KOHO to Launch Halal Prepaid Visa Cards This launch is the first of its kind in Canada and will give faith based users a unique opportunity to spend and save money". financialpost. Retrieved 2020-12-01.
  16. ↑ "Vancouver's Koho wins Nasdaq FinTech Innovation Award at NY TechDay".
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