Canadian company Koho, known for its innovative approach to banking, has recently marked a significant milestone by raising C$86m.
The company successfully secured an additional C$86 million in a Series D funding round extension, bolstering its valuation to a remarkable C$800 million.
According to Finextra Research, this impressive funding round was backed by a consortium of investors, including Drive Capital, Eldridge Industries, HOOPP, Portage, Round13, BDC, and TTV. Their collective support underscores the confidence in Koho’s vision and the potential impact it can have on the financial industry.
At its core, Koho operates as a modern alternative to traditional banking. The company’s offerings are tailored to meet the evolving needs of its customers, providing them with a full-service spending and savings account. Unique to Koho is its cashback feature on every purchase, complemented by an integrated app designed to aid users in smarter spending and enhanced savings.
Koho’s recent achievement of surpassing one million users is a testament to its growing popularity and effectiveness. Looking forward, the company is gearing up to introduce a range of new features by 2024. These include expanded credit offerings, in-app bill splitting functionality, and streamlined access to government benefits, all aimed at enriching the user experience.
Daniel Eberhard, CEO of Koho, emphasized the company’s commitment to its users, especially in the current economic climate. “We set out to raise this additional capital with one thing in mind: to accelerate building value for users. In this economic climate, every dollar counts. This injection puts us in a position to ship faster and push harder for Canadians,” he said.
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