Koho (fintech)
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| Type | Private |
|---|---|
| Industry | Financial services |
| Founded | 2014 in Vancouver, British Columbia |
| Founders | Daniel Eberhard, Mike Benna, Jonathan Bixby, Joshua Bixby |
| Headquarters | Toronto, Ontario |
| Website | www |
Koho Financial Inc. (styled as KOHO) is a Canadian fintech company based in Toronto.[1] While it is not a bank, the company is considered a neobank and provides banking services via Koho Financial Inc. pursuant to a license by Mastercard International Incorporated.
History
[edit]Koho was founded in 2014 in Vancouver.[2][3] In January 2015, the platform was launched, offering its services through its beta mobile app.[4][5] The company partnered with Peoples Trust and Mastercard for its banking services[6] with the company providing all of the APIs and User Interfaces[clarification needed].[7]
Koho is not a member of Canada Deposit Insurance Corporation (CDIC), and not all deposits are insured; however, Koho accounts that earn interest are held in trust by CDIC-member institutions and funds would be returned to account holders by Peoples Trust in the event Koho fails.[8][9][10]
Later in 2017, Koho moved its headquarters to Toronto, after again receiving investment from Portag3 Ventures.[11][12]
In 2019, Koho was able to secure $25 million in second-round funding after successful growth and accumulating 120,000 accounts in Canada.[13] In 2020, amid the COVID-19 pandemic, Koho partnered with the CRA to allow their users to receive their emergency funds directly into their Koho accounts.[14]
On August 19, 2020, Koho partnered with Manzil to launch the very first Halal Prepaid Mastercard program in Canada.[15][16]
In 2024, Koho paired with Canada Post to allow its customers to make cash deposits into their Koho accounts via the post office.[17][18] A few months later, in November 2024, Canada Post confirmed that it had partnered with Koho to bring back postal banking, by offering chequing and savings accounts.[17][18] Initially, Canada Post employees will be given early access to test the functionality of the accounts offered; with Canada-wide public access planned for 2025.[18][17]
In May 2025, the company launched international money transfers, with the ability to send remittances, or international money transfers, to over 190 countries.[19]
On June 11, 2026 KOHO Financial announced that it raised $130 million and thus soon becomes a new federally regulated Schedule 1 bank. That is, KOHO Financial will hold the same legal status as the Big Six Banks in Canada and will have the ability to hold client deposits directly.[20]
Awards and distinctions
[edit]- Nasdaq FinTech Innovation Award (2015)[21]
See also
[edit]References
[edit]- ↑ Wong, Sera (2019-02-06). "Koho continues to attack traditional banking features with new joint accounts | BetaKit". Retrieved 2026-02-25.
- ↑ Mckenzie, Kevin Hinton & Ryan. "Matrix: Vancouver's money makeover".
- ↑ "Koho Set to Disrupt Canada's Big Five Banks". Techvibes.
- ↑ "Koho wants to create a Canadian bank built for millennials | BetaKit". December 3, 2014.
- ↑ "New mobile bank Koho set to join Canada's fintech crowd" – via The Globe and Mail.
- ↑ "KOHO is a Free Alternative to a Chequing Account for Canadians". www.koho.ca. Retrieved 2023-11-22.
- ↑ "Koho, a mobile-only suite of financial services for millennials, launches in Canada".
- ↑ "Is KOHO CDIC Insured?". Koho Help Centre. 2026-02-14. Retrieved 2026-09-17.
- ↑ "Cardholder Agreement". Koho Legal. 2026-04-20. Retrieved 2026-09-17.
Funds loaded onto the Card are not insured by the Canada Deposit Insurance Corporation (CDIC).
- ↑ "Canada Post MyMoney Account (partnered with Koho) - FAQ Is My Money Safe In This Account?". Canada Post Corporation. Retrieved 2025-05-25.
- ↑ Galang, Jessica (2017-08-04). "Vancouver-based Koho hiring Toronto team, including VP of Finance and COO | BetaKit". Retrieved 2026-02-24.
- ↑ Galang, Jessica (2017-09-25). "Koho raises $8 million from Portag3 as Paul Desmarais III and Mike Katchen join board | BetaKit". Retrieved 2026-02-25.
- ↑ "Canadian Neobank Koho's Series B Funding Round Secures Additional $25 Million". Crowdfund Insider. December 3, 2019.
- ↑ "How to get early access to your CERB benefits?". help.koho.ca. Archived from the original on 2020-11-24. Retrieved 2020-05-25.
- ↑ "Manzil partners with Koho to launch halal prepaid Mastercard card | BetaKit". 2020-08-19. Retrieved 2020-12-01.
- ↑ "Manzil Partners With KOHO to Launch Halal Prepaid Visa Cards This launch is the first of its kind in Canada and will give faith based users a unique opportunity to spend and save money". financialpost. Retrieved 2020-12-01.
- 1 2 3 Ian Bickis and Rosa Saba (2024-11-08). "Canada Post to launch chequing and savings account with Koho". thecanadianpressnews.ca. The Canadian Press. Retrieved 2024-12-28.
- 1 2 3 "Canada Post Launching Bank Accounts with No Fees: Here are the Details • iPhone in Canada Blog". www.iphoneincanada.ca. 2024-11-11. Retrieved 2024-12-28.
- ↑ Fingas, Jon (2025-05-27). "Koho continues expansion beyond core banking with launch of international money transfers | BetaKit". Retrieved 2025-06-27.
- ↑ Romana King (2026-07-30). "Canada's next bank might be a fintech: What KOHO's $130M raise means for your money (and the Canadian banking industry)". MSN. MSN. Retrieved 2026-07-30.
- ↑ Soltys, Douglas (2015-04-22). "Vancouver's Koho wins Nasdaq FinTech Innovation Award at NY TechDay | BetaKit". Retrieved 2026-02-24.