Challenger bank KOHO has raised C$210m from a Series D funding round as the company continues on its upward growth trajectory.
The round was led by Eldridge and saw participation from Drive Capital, TTV Capital, BDC, Round13 and HOOPP.
This recent round continues a strong period for the Canadian firm, after it previously raised $70m from a Series C round in March 2021. Prior to this, the company secured $25m in funding in December 2019.
Since completing its Series C last year, KOHO has seen its customer base swell to over 500,000 users.
KOHO is a mobile banking app that gives users a Visa debit card and insights on their money. The mobile app aims to provide consumers with better control of their money and making it easier to track spending, make automatic savings and access financial education.
According to KOHO, it intends to use the new investment to accelerate growth, expand into new product verticals and increase headcount from 250 to 400.
KOHO CEO and founder Daniel Eberhard said, “I think our growth is evidence that Canadians are looking for something different. It takes a combination of exceptional team members, investors and partners to see KOHO’s mission through and we’re fortunate to have all three.
“We’re passionate about our mission and that has resonated with Canadians. Democratising access to wealth creation means giving people financial security to spend more time with family, own a home, or save for tuition for their grandkids. That’s a wonderful thing to be a part of.”
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