Toronto-based fintech firm Koho, which claims over 120,000 customers for its mobile banking service, has closed a $42 million fundraising round led by Portag3 Ventures.
Billed as an alternative to a traditional banking experience, Koho users are furnished with a reloadbale Visa card and and a mobile app which offers real-time insights into money management, instant cashback, round-ups, and automated savings goals.
Operating for two years, the firm lays claim to over $500 million in annualised transactions and a Koho card use every 4 seconds.
Daniel Eberhard, founder and CEO, says: “Koho’s mission is to restore balance to Canadians by giving them control over their own finances. This new funding is both validation of what we’ve done and a vote of confidence for the work left to do.".
Portag3, which is also invested in Wealthsimple and Borrowell among other fintech companies, had previously plied $8-million into Koho in 2017. This $42-million round also includes investment from British firm Greyhound Capital and other investors.