26 March 2017
visit nextgenbanking.co.uk

Canadian fintech Koho launches

17 March 2017  |  6572 views  |  0 hipster suit with phone

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.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Canadian neobank Koho partners Visa ahead of launch

Canadian neobank Koho partners Visa ahead of launch

30 November 2015  |  6993 views  |  1 comments | 4 tweets | 4 linkedin
New neo-bank Koho targets Canada's Generation Y

New neo-bank Koho targets Canada's Generation Y

03 December 2014  |  10062 views  |  7 comments | 8 tweets | 13 linkedin

Related blogs

Create a blog about this story (membership required)
visit abe-eba.euVisit capgemini.com

Top topics

Most viewed Most shared
French retailer Carrefour launches online bank accountFrench retailer Carrefour launches online...
57367 views comments | 16 tweets | 36 linkedin
European Commission opens public consultation on fintechEuropean Commission opens public consultat...
9713 views comments | 43 tweets | 26 linkedin
Can banks really win in the payments business of the future? – new Finextra reportCan banks really win in the payments busin...
8940 views comments | 23 tweets | 37 linkedin
MAS to roll out national KYC utility for SingaporeMAS to roll out national KYC utility for S...
7935 views comments | 19 tweets | 28 linkedin
SecureKey taps IBM to put identity on the blockchainSecureKey taps IBM to put identity on the...
7378 views comments | 22 tweets | 15 linkedin

Featured job

Six Figure Base + Commission + Stock Options
London

Find your next job