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Canadian fintech Koho bags $63m funding at unchanged valuation | Fintech InShorts: Latest fintech news, analysis by experts

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Canadian fintech Koho bags $63m funding at unchanged valuation

By Laura M

December 11, 2023

Funding Round: Canadian fintech Koho raises $63 million (CAD 86 million) in fresh funding.
Valuation Unchanged: The funding maintains the firm’s valuation at $589 million (CAD 800 million).
Investors: Business Development Bank of Canada, Drive Capital, and Eldridge Industries participate in the round.
Partnership: Koho partners with the federally regulated bank Peoples Trust to hold funds loaded onto its cards.
Services: Founded in 2014, Koho offers a full-service spending and savings account with a Mastercard prepaid card, insurance, and credit-building products through its app.
Company Mission: Koho aims to simplify personal finances, helping users “spend smart and save more” to enhance Canadians’ financial well-being.
Purpose of Funding: CEO Daniel Eberhard states the capital will accelerate value creation for users, allowing the company to ship faster and push harder in the current economic climate.

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