Koho (fintech) explained

KOHO Financial Inc.
Type:Private
Industry:Financial services
Founded: in Vancouver, British Columbia
Founders:Daniel Eberhard,
Mike Benna,
Jonathan Bixby,
Joshua Bixby
Hq Location:Toronto, Ontario

KOHO Financial Inc. (styled as KOHO) is a Canadian fintech company based in Toronto.[1] While it is not a bank, the company provides banking services via KOHO Financial Inc. pursuant to a license by Mastercard International Incorporated.

History

KOHO was founded in 2014 in Vancouver.[2] [3] In 2015, the project was launched, offering its services through their mobile app in beta.[4] The service's launch was announced for 2016 but was pushed back to 2017.[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.[7] Funds deposited into a KOHO card are not insured by the Canada Deposit Insurance Corporation, and will be returned to account holders by Peoples Trust in the event KOHO fails.[8] [9]

Later in 2017, KOHO moved its headquarters to Toronto, after again receiving investment from Portag3 Ventures.[10] [11]

In 2019, KOHO was able to secure $25 million in second-round funding after successful growth and accumulating 120,000 accounts in Canada.[12] 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.[13]

On August 19, 2020, KOHO partnered with Manzil to launch the very first Halal Prepaid Mastercard program in Canada.[14] [15]

Awards and distinctions

See also

Notes and References

  1. Web site: Koho continues to attack traditional banking features with new joint accounts | BetaKit. February 6, 2019.
  2. Web site: Matrix: Vancouver's money makeover. Kevin Hinton & Ryan. Mckenzie.
  3. Web site: Koho Set to Disrupt Canada's Big Five Banks. Techvibes.
  4. Web site: Koho wants to create a Canadian bank built for millennials | BetaKit. December 3, 2014.
  5. Web site: New mobile bank Koho set to join Canada’s fintech crowd. The Globe and Mail.
  6. Web site: KOHO is a Free Alternative to a Chequing Account for Canadians . 2023-11-22 . www.koho.ca . en.
  7. Web site: Koho, a mobile-only suite of financial services for millennials, launches in Canada.
  8. Web site: Is KOHO CDIC Insured? . Koho Help Centre . 24 November 2020 . en.
  9. Web site: Cardholder Agreement . Koho Legal . 24 November 2020 . en . Funds loaded onto the Card are not insured by the Canada Deposit Insurance Corporation (CDIC)..
  10. Web site: Vancouver-based Koho hiring Toronto team, including VP of Finance and COO.
  11. Web site: Koho raises $8 million from Portag3 as Paul Desmarais III and Mike Katchen join board.
  12. Web site: Canadian Neobank Koho’s Series B Funding Round Secures Additional $25 Million. December 3, 2019. Crowdfund Insider.
  13. Web site: How to get early access to your CERB benefits?. help.koho.ca.
  14. Web site: 2020-08-19. Manzil partners with Koho to launch halal prepaid Mastercard card BetaKit. 2020-12-01. en-CA.
  15. Web site: 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. 2020-12-01. financialpost. en-CA.
  16. Web site: Vancouver’s Koho wins Nasdaq FinTech Innovation Award at NY TechDay.

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