Canadian fintech KOHO raises $42 million in Series B funding round

share save 171 16 - Canadian fintech KOHO raises $42 million in Series B funding round

Koho Release | May 15, 2019

Koho - Canadian fintech KOHO raises $42 million in Series B funding roundTORONTO, May 15, 2019 (GLOBE NEWSWIRE) -- KOHO announced today that it has closed a $42 million fundraising round led by Portag3 Ventures (“Portag3”), including Greyhound Capital and other strategic investors.

The announcement comes as KOHO, a fintech company that offers Canadians an alternative to their traditional banking experience, continues to see rapid growth.

In less than two years, KOHO has grown to over 120,000 accounts, moved their HQ to Toronto and released 43 new versions of the app. With over $500 million in annualized transactions and a KOHO card used every 4 seconds, KOHO has built a current account Canadians love (they boast a Net Promoter Score of 80 and App Store rating of 4.8/5 stars).

“KOHO’s mission is to restore balance to Canadians by giving them control over their own finances. This new funding is both validation of what we’ve done and a vote of confidence for the work left to do,” said Daniel Eberhard, Founder and CEO of KOHO.

Having raised $8 million from Portag3 in their Series-A funding round, KOHO is thrilled to continue the relationship with an investment from Portag3 Ventures LP II.

See:  Banks’ Revenue Growth at Risk Due to Unprecedented Competitive Pressure Resulting from Digital Disruption, Accenture Study Finds

“The Canadian market is ripe for an alternative banking solution and we believe KOHO’s recent customer adoption is validation for this thesis. Portag3 is in a unique position to further accelerate this growth through our LPs and growing the Canadian fintech ecosystem,” said Adam Felesky, CEO of Portag3 Ventures.

KOHO will use this investment to further accelerate its growth and build new products and services that are truly aligned with what Canadians need.

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NCFA Jan 2018 resize - Canadian fintech KOHO raises $42 million in Series B funding round The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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