Canadian fintech Koho launches
17 March 2017 | 7635 views | 0
Vancouver-based mobile finacial services outfit Koho has finally moved out of private beta testing, pitting its mobile-based service against Canada's big five providers in the battle for Generation Y.
Like Simple and Moven in the US, Koho pitches itself more as a technology company than a bank, providing a front end of services while Peoples Trust Company holds customers' cash.
With a particular focus on 18 to 34 year olds, the startup is promising to offer a better service than traditional banks, more suited to the digital age and with fewer and more transparent fees.
Customers get a prepaid Visa card, P2P payments, live chat support and Touch ID-based security, but the firm's main pitch is centred on its money management capabilities, including instant notifications about account activity, insights into spending habits, and saving goals.
Koho's founders, who come from tech startup backgrounds, say that they launched the outfit because Canadians have to endure antiquated banking practices while still paying some of the highest fees in the world to a big five that made $29 billion in profits in 2015.
The service was initially slated to launch last year but extensive beta testing means that it is only now coming to iOS devices, with Android to follow.