- Funding Round: Canadian fintech Koho raises $63 million (CAD 86 million) in fresh funding.
- Valuation Unchanged: The funding maintains the firm’s valuation at $589 million (CAD 800 million).
- Investors: Business Development Bank of Canada, Drive Capital, and Eldridge Industries participate in the round.
- Partnership: Koho partners with the federally regulated bank Peoples Trust to hold funds loaded onto its cards.
- Services: Founded in 2014, Koho offers a full-service spending and savings account with a Mastercard prepaid card, insurance, and credit-building products through its app.
- Company Mission: Koho aims to simplify personal finances, helping users “spend smart and save more” to enhance Canadians’ financial well-being.
- Purpose of Funding: CEO Daniel Eberhard states the capital will accelerate value creation for users, allowing the company to ship faster and push harder in the current economic climate.
