Koho (fintech)
| Company type | Private |
|---|---|
| Industry | Financial Services |
| Founded | 2014 in Vancouver, British Columbia |
| Founders | Daniel Eberhard |
| Headquarters | Toronto, Ontario |
| Website | www |
KOHO Financial Inc. (styled as KOHO) is a Canadian fintech company based in Toronto.[1] While not a bank itself, the company provides banking services in partnership with Peoples Trust through a mobile app and prepaid Visa card. While not the first online only bank, KOHO does have the distinction of being the first neobank in Canada.[citation needed]
History
KOHO was founded in 2014 and went into beta in 2015 offering it services through their mobile app.[2] The service was stated to officially launch in 2016 but was pushed back to 2017.[3] The company partnered with Peoples Trust and Visa for its banking services with the company providing all of the APIs and User Interfaces[clarification needed].[4] Funds deposited into a Koho card are not insured by the Canada Deposit Insurance Corporation, they will be returned to account holders by Peoples Trust in the event Koho fails.[5][6]
In 2019, KOHO was able to secure $25 million in second round funding after successful growth and accumulating 120,000 accounts in Canada.[7] 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.[8]
Overview
KOHO earns its revenue from the interchange whenever their card is used in a transaction. Besides allowing basic chequing services, the card also allows users to budget their money and set limits on what they can spend. Since its launch, KOHO has expanded to include cash back on their debit card, offers different accounts like joint accounts on their cards,[1] and offering credit.[9]
See also
References
- ^ a b "Koho continues to attack traditional banking features with new joint accounts | BetaKit". February 6, 2019.
- ^ "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, a mobile-only suite of financial services for millennials, launches in Canada".
- ^ "Is KOHO CDIC Insured?". Koho Help Centre. Retrieved 24 November 2020.
- ^ "Cardholder Agreement". Koho Legal. Retrieved 24 November 2020.
Funds loaded onto the Card are not insured by the Canada Deposit Insurance Corporation (CDIC).
- ^ "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.
- ^ "Canadian neobank Koho to launch credit and savings products in 2020 | Bank Innovation | Bank Innovation". bankinnovation.net.