Digital banking platform KOHO has closed its Series B round of funding which was led by Portag3 Ventures.
Other contributions to the round came from Greyhound Capital and a number of other, unnamed strategic investors.
Having closed the funding round, the company will look to increase its growth and build new solutions and products which are needed by Canadians.
Over the past two years, KOHO has grown to more than 120,000 accounts, moved its headquarters to Toronto and released 43 new versions of its app, it said. The company also boasts $500m in annualised transactions and a usage rate for its cards of one every four seconds.
KOHO is a mobile banking app which gives users an integrated app, Visa debit card, real-time insights on their money, instant cashback, and automated savings goals, among others. Through the mobile app a user can establish instant savings by rounding up purchases to the nearest $1, $2, $5, or $10.
Portag3 Ventures CEO Adam Felesky said, “The Canadian market is ripe for an alternative banking solution and we believe KOHO’s recent customer adoption is validation for this thesis. Portag3 is in a unique position to further accelerate this growth through our LPs and growing the Canadian fintech ecosystem.”
Prior to this round, KOHO closed its Series A on $8m from Portag3 in 2017.