Canadian fintech Koho bags $63m funding at unchanged valuation
Canadian fintech firm Koho has raised $63 million (CAD 86 million) in fresh funding at an unchanged valuation of $589 million (CAD 800 million).
Koho secures $63m funding at unchanged valuation
The round featured participation from new and existing investors including Business Development Bank of Canada, Drive Capital and Eldridge Industries, which also led the firm’s $165 million (CAD 210 million) Series D funding round back in February 2022.
Founded in 2014, the Toronto-based fintech offers a full-service spending and savings account with a Mastercard prepaid card along with insurance and credit-building products available through its app.
The company has partnered with Peoples Trust, a federally regulated bank, to hold any funds loaded onto its cards.
Koho says its offering is designed to help users simplify their personal finances and “spend smart and save more” as it seeks to help Canadians boost their financial wellbeing.
Speaking on the fundraise, Daniel Eberhard, CEO and founder of Koho, says the firm set out to raise the additional capital to “accelerate building value for users”.
“In this economic climate, every dollar counts. This injection puts us in a position to ship faster and push harder for Canadians,” he adds.
