Koho Closes $8 Million Investment From Portag3 Ventures To Accelerate Growth Of New Mobile Financial Service Platform

Koho Overview

Koho, a new financial service platform connecting Canada’s mobile generation to modern, transparent and innovative financial services, today announced it has raised $8 million in venture funding from Portag3 Ventures. Koho also announced key new additions to its Board of Directors, including Paul Desmarais III (Senior Vice-President, Power Financial Corporation and Executive Chairman, Portag3 Ventures), Adam Felesky (President, Portag3 Ventures), and Michael Katchen (Co-founder and CEO, Wealthsimple).

The new funds will enable Koho to scale its technology platform, expand its engineering and operations team at its new Toronto headquarters, and bring to more Canadian consumers a broad ecosystem of financial services products (utilizing a regulated financial institution). Koho’s new services will provide novel ways to help underserved Canadians automate savings, earn financial rewards, and access other transparent and simple financial products.

“We are excited to support Koho’s ambition of reimagining how Canadians can be better served in their daily financial lives,” said Adam Felesky, President of Portag3 Ventures. “Providing access, transparency and low costs while working with regulated financial institutions, are core pillars of the Koho platform and if successful, we believe Koho can build lifelong relationships with their customers.”

“Since launching Koho earlier this year, we’ve experienced tremendous growth,” said Daniel Eberhard, CEO and founder of Koho. “Our growth comes on the back of tangible customer benefits; helping people save money and providing them more financial control. It’s the reason people use our app five times more than traditional finance apps.”

Koho provides Canadian consumers with a new interface to holistically manage their daily financial lives — both spending and saving — and the ability to achieve their short and long term financial goals, free of fees and with engaging insights into personal finances. Customers can make purchases everywhere with the Koho Card, deposit their paycheque, access more than 8,000 fee free ATMs, pay bills, and send e-Transfers. Koho also provides a suite of modern capabilities like real-time purchase updates, savings goals,…

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