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Vancouver-founded FinTech Company KOHO Raises Additional $86 Million in Funding at $800 Million Valuation, Surpasses One Million Users
Friday, December 8, 2023Company Profile | Follow Company
Vancouver, BC, December 8, 2023--(T-Net)--KOHO Financial Inc., a leading Canadian fintech company (founded in Vancouver in 2014), announced today it successfully raised an additional $86 million in a series D extension at an $800 million valuation.
New and existing KOHO investors provided the capital, including Drive Capital, Eldridge Industries, HOOPP, Portage, Round13, BDC, and TTV.
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Editor's Note: Koho was founded in Vancouver, BC in 2014 (1) and has since moved its head office location to Toronto. It has staff now located across the country (and some outside of Canada) with approximately 10% of its workforce still located in the Greater Vancouver, BC area, according to LinkedIn statisics.
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Despite a decline in Canadian fintech investment during the first half of 2023, KOHO has notably sustained a consistently positive valuation since its earlier 2021 funding round.
Chris Olsen, Partner, Drive Capital (Credit: Drive Capital)
"When we look across the global fintech landscape, it is clear that more and more consumers are choosing newer, mobile-first technology startups that simplify their financial lives. KOHO is emerging as the winner in Canada and we're thrilled to continue to support this ambitious team and mission," said Chris Olsen, partner at Drive Capital.
The company said in a release that it attributes its success to the continuous growth of its product range which includes Credit Building, Cover, the ability to check your credit score for free, and an industry-leading 5 percent savings rate.
Complementing these products is KOHO's subscription model, known as KOHO Plans.
"We set out to raise this additional capital with one thing in mind: to accelerate building value for users," said Daniel Eberhard, CEO and founder of KOHO. "In this economic climate, every dollar counts. This injection puts us in a position to ship faster and push harder for Canadians."
Looking ahead to 2024, KOHO says it is dedicated to enhancing Canadians' financial well-being through innovative features such as increased credit offerings, in-app bill splitting, access to government benefits, and a wide range of other exciting capabilities.
In the app, users have the opportunity to remain informed as KOHO's roadmap is public and open for comments.
About KOHO
KOHO is a fintech company on a mission to make financial products that are transparent and intuitive. KOHO offers a full-service spending and savings account with no hidden fees that gives cash back on every purchase, and an integrated app that helps users spend smart and save more. KOHO partners with a variety of banks and federally regulated financial institutions to deliver our products.
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