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Koho Raises $1M to Fix Banking for Millennials
Friday, May 29, 2015Company Profile | Follow Company
Vancouver, BC, May 29, 2015--(T-Net)--Koho, a technology-driven banking platform, announced a round closure of $1 million this week.
Koho's mission is to offer Canadians, specifically millennials, access to low-cost, highly functional banking accounts.
Koho's investor pool is an entirely Canadian mix of angels and funds, and includes Joe Canavan, Ferst Capital, Hedgewood, Highline and Stanley Park Ventures.
“It's really simple,” says Koho's CEO Daniel Eberhard. “Canadians pay some of the highest bank fees in the world to some of the most profitable banks in the world. It's a situation that is compounded because it's often those with the least assets that pay the highest fees. We don't think that is right.”
How it works:
Koho works by partnering with a federal financial institution to offer customers a banking card, web app and mobile app. In addition to all the standard banking functions (direct deposit, purchases, bill pay, atm etc.) Koho users won't pay monthly fees, can see where and how they are spending their money, set automatic savings goals, receive push notifications, share expenses with friends, set daily budgets and more.
Jay Ferst, a founder in TradeFreedom (acquired by Scotiabank) and Principle of Ferst Capital Partners, and investor in Koho noted “Koho is at the forefront of redefining how Canadian's bank. With a simple yet effective approach to banking, Koho is fixing the misalignment between the current banking system and the needs and expectations of millennial customers. We are thrilled to be part of supporting this important change and the great team behind the future of banking in Canada.”
Noted investor and former CEO of Assante Wealth Management adds “We are at a pivotal point in the history of financial services in Canada. Koho will undeniably lead the way in banking solutions for millennials and ultimately all Canadians. Their simple, transparent, low fee offering will change the way Canadians bank today and for generations to come.”
Founded by a team of proven entrepreneurs, Koho has been on a rapid growth curve since announcing its vision in December of 2014.
It was named one of the 20 hottest startups in Canada, is advised by Gil Penchina (early investor to LinkedIn, PayPal, Angelist, Wealthfront), and recently won the Nasdaq NY Techday award for fintech innovation.
Koho aims to release the alpha version in Q3 of 2015. www.koho.ca
Koho Contact Info:
Daniel Eberhard
CEO
daniel@koho.ca
778.7104037
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Editor's Note:
Koho also recently added Gil Penchina, one of the world's top angel investors, and Ex-Coast Capital CEO, Lloyd Craig, to the company's Advisory Board.
Gil Penchina
Running the largest syndicate on AngelList and an early investor in LinkedIn, Wealthfront, Indiegogo, Fastly, Vouch, Blockstream, UXPin, and many more, Gil Penchina is one of the most prolific angel investors in the world. Prior to his life as an angel investor, Gil was the CEO of Wikia, one of the internet's top 50 web properties, and the former VP of Business Development for eBay. We are honored to have Gil's wisdom and foresight guiding our vision.
Lloyd Craig
As the former CEO of Coast Capital, Lloyd was an instrument of growth and innovation for Canada's second largest credit union. Under Lloyd's leadership, Coast Capital grew to $12 billion in assets. He also introduced Canada's first free chequing account, unlimited transaction business account, and many more financial tools which are now commonplace in today's banking industry. Lloyd brings a wealth of knowledge regarding regulation, security, and innovation.
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