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.
| Company type | Private |
|---|---|
| Industry | Financial services |
| Founded | 2014 in Vancouver, British Columbia |
| Founders | Daniel Eberhard, Mike Benna, Jonathan Bixby, Joshua Bixby |
| Headquarters | Toronto, Ontario |
| Website | www |
History
editKOHO 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[clarification needed].[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
edit- Nasdaq FinTech Innovation Award (2015)[16]
See also
editReferences
edit- ^ "Koho continues to attack traditional banking features with new joint accounts | BetaKit". February 6, 2019.
- ^ Mckenzie, Kevin Hinton & Ryan. "Matrix: Vancouver's money makeover".
- ^ "Koho Set to Disrupt Canada's Big Five Banks". Techvibes.
- ^ "Koho wants to create a Canadian bank built for millennials | BetaKit". December 3, 2014.
- ^ "New mobile bank Koho set to join Canada's fintech crowd" – via The Globe and Mail.
- ^ "KOHO is a Free Alternative to a Chequing Account for Canadians". www.koho.ca. Retrieved 2023-11-22.
- ^ "Koho, a mobile-only suite of financial services for millennials, launches in Canada".
- ^ "Is KOHO CDIC Insured?". Koho Help Centre. Retrieved 24 November 2020.
- ^ "Cardholder Agreement". Koho Legal. Retrieved 24 November 2020.
Funds loaded onto the Card are not insured by the Canada Deposit Insurance Corporation (CDIC).
- ^ "Vancouver-based Koho hiring Toronto team, including VP of Finance and COO".
- ^ "Koho raises $8 million from Portag3 as Paul Desmarais III and Mike Katchen join board".
- ^ "Canadian Neobank Koho's Series B Funding Round Secures Additional $25 Million". Crowdfund Insider. December 3, 2019.
- ^ "How to get early access to your CERB benefits?". help.koho.ca.
- ^ "Manzil partners with Koho to launch halal prepaid Mastercard card | BetaKit". 2020-08-19. Retrieved 2020-12-01.
- ^ "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.
- ^ "Vancouver's Koho wins Nasdaq FinTech Innovation Award at NY TechDay".