KOHO closes $42m for alternative fintech
Alternative banking tech firm KOHO has closed a $42 million fundraising round led by Portag3 Ventures, including Greyhound Capital and other strategic investors.
In less than two years, KOHO has grown to over 120,000 accounts, moved their HQ to Toronto and released 43 new versions of the app. KOHO says it has over $500 million in annualised transactions and a KOHO card is used every four seconds.
“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,” says Daniel Eberhard, founder and CEO of KOHO.
KOHO raised $8 million from Portag3 in their Series A funding round.
“The Canadian market is ripe for an alternative banking solution and we believe KOHO’s recent customer adoption is validation for this thesis. Portag3 is in a unique position to further accelerate this growth through our LPs and growing the Canadian fintech ecosystem,” says Adam Felesky, CEO of Portag3 Ventures.
KOHO will use this investment to further accelerate its growth and build new products and services that are truly aligned with what Canadians need.
