KOHO, a prominent Canadian FinTech company, has successfully secured a substantial $190m in fresh capital to propel its growth.
This significant financial boost comprises $40m in equity and $150m in debt. The latest funding round was led by PROPELR Growth, with new contributions from Rockefeller Capital. Returning investors, including Drive Capital, TTV, and BDC, also played key roles in the funding process. This round sees an extension of credit in collaboration with both new and existing partners.
Established as a leading player in the financial technology space, KOHO offers a range of innovative financial solutions designed to enhance financial security and empower Canadians. The company is particularly noted for its user-friendly financial products and services that cater to the everyday financial needs of its customers.
The influx of capital will be strategically used to expand KOHO’s lending book, introduce new innovative products, and continue its pursuit of a Schedule 1 bank license. These initiatives are expected to significantly enhance KOHO’s service offerings and market position.
In addition to its ongoing projects, KOHO has a robust product roadmap, hinting at an array of exciting new products soon to be launched. These forthcoming offerings are poised to further solidify KOHO’s reputation for innovation and customer-centric solutions in the FinTech sector.
“We’re more excited than ever at KOHO. We had the choice of profitability with our existing capital but this injection allows us to grow faster and expand our lending business, both of which support our bank license application,” KOHO CEO Daniel Eberhard remarked. He further emphasized the company’s commitment to scaling its product suite, including rent reporting, tenant insurance, and buy-now pay-later options, acknowledging the trust and support of KOHO’s team, investors, and users.
Sanjiv Samant, Managing Partner at PROPELR Growth, also expressed his enthusiasm about the investment: “PROPELR Growth Fund has been invested in KOHO since early 2022 and we have had a front row seat to see Daniel and his team execute well on a very ambitious growth plan. We’ve been very impressed with KOHO’s ability to innovate and create a breadth of products to help Canadians save money and improve their financial security. We’re delighted to significantly increase our investment in the Company to help accelerate the next phase of growth as a Canadian fintech leader.” Following the funding, Samant will join the KOHO Board of Directors.
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