Koho (fintech)

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 in partnership with Peoples Trust through a mobile app and prepaid Mastercard card.

KOHO Financial Inc.
TypePrivate
IndustryFinancial services
Founded2014 (2014) in Vancouver, British Columbia
FoundersDaniel Eberhard
HeadquartersToronto, Ontario
Websitewww.koho.ca

History

KOHO was founded in 2014 and went into beta in 2015, offering its services through their mobile app.[2] The service's launch was announced for 2016 but was pushed back to 2017.[3] The company partnered with Peoples Trust and Mastercard for its banking services with the company providing all of the APIs and User Interfaces.[4] 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.[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]

On August 19, 2020, KOHO partnered with Manzil to launch the very first Halal Prepaid Mastercard program in Canada.[9][10]

See also

References
  1. "Koho continues to attack traditional banking features with new joint accounts | BetaKit". February 6, 2019.
  2. "Koho wants to create a Canadian bank built for millennials | BetaKit". December 3, 2014.
  3. "New mobile bank Koho set to join Canada's fintech crowd" – via The Globe and Mail.
  4. "Koho, a mobile-only suite of financial services for millennials, launches in Canada".
  5. "Is KOHO CDIC Insured?". Koho Help Centre. Retrieved 24 November 2020.
  6. "Cardholder Agreement". Koho Legal. Retrieved 24 November 2020. Funds loaded onto the Card are not insured by the Canada Deposit Insurance Corporation (CDIC).
  7. "Canadian Neobank Koho's Series B Funding Round Secures Additional $25 Million". Crowdfund Insider. December 3, 2019.
  8. "How to get early access to your CERB benefits?". help.koho.ca.
  9. "Manzil partners with Koho to launch halal prepaid Mastercard card | BetaKit". 2020-08-19. Retrieved 2020-12-01.
  10. "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.
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