Canada-based finance management platform Koho has closed a funding round on $8m from Portag3 Ventures.
Koho provides users with a single platform to manage their daily financial lives offering services including bill payment, money transfers, automatic savings, and transaction management, among others. The platform also offers a Koho card, which can be used to deposit paycheques and access 8,000 free-to-use ATMs. The application is currently available on Android and iOS.
This capital will help Koho to scale its technology platform, boost its engineering and operations team at its new headquarters in Toronto and drive consumer growth. The company is also looking to launch new services which will offer Canadians automate savings, earn financial rewards and other transparent and simple financial products.
Portag3 Ventures president Adam Felesky said, “We are excited to support Koho’s ambition of reimagining how Canadians can be better served in their daily financial lives. Providing access, transparency and low costs in partnership with financial institutions are core pillars of the Koho platform and if successful, we believe Koho can build lifelong relationships with their customers.”
Following the transaction, Portag3 Ventures senior vice-president Paul Desmarais III, Portag3 Ventures president Adam Felesky and Wealthsimple co-founder and CEO Michael Katchen, will join Koho’s board of directors.
This investment marks the firms second big investment, with its largest being an undisclosed amount into Toronto-based robo-advisor Wealthsimple.
WealthTech investments are on track to surpass the record levels raised last year, with H1 2017 having already seen $968.7m raised.
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