Karsten Wenzlaff, Advisor
August 26th, 2025
Karsten Wenzlaff is a Crowdfunding and Fintech Expert from Germany. He is Secretary-General of Digit[...]
KOHO Gives Renters a Boost with Cash Back and Credit Help
Product Launch | Release | Aug 27, 2024
Image courtesy of KOHO
KOHO’s new rent reporting, cash back, and insurance empower Canadian renters financially
With the introduction of three new tailored services for renters, fintech pioneer KOHO is once again revolutionizing the financial environment for Canadians. Through its platform, KOHO has introduced Rent Reporting, Tenant Insurance, and Cash Back on Rent, giving tenants an easier way to build credit, safeguard their housing, and get incentives.
1. Credit Building for Renters
With roughly 33% of Canadians renting, KOHO seeks to fill a longstanding gap in the credit system where traditional mortgage payments contribute to building credit, while rent payments do not. KOHO is now making it easier for renters to have their rent payments recognized by credit bureaus, allowing them to build credit histories just like homeowners.
See: KOHO’s Strategic Push Towards A Banking License
KOHO members who pay rent using the site will have their payments recorded at the credit bureau improving their credit ratings over time. KOHO not only reports current rent payments, but it also reports prior rent payments, allowing renters to improve their credit records retrospectively.
Daniel Eberhard, CEO and founder of KOHO:
“The idea that paying a mortgage counts towards building credit, but paying rent doesn’t, is an outdated view of the world. We’re thrilled to bring Rent Reporting to our users. More than that, we’re adding Tenant Insurance and the first cash back on rent program in Canadian history. Newcomers, younger Canadians, and all renters deserve equal opportunities at building wealth. We’re excited to play a small role in that.”
2. Affordable Tenant Insurance
Renters frequently choose not to get insurance due to the high expense of living and growing insurance rates, which puts them at risk of financial difficulty in an emergency. Renters can afford to be protected by KOHO's Tenant Insurance, which makes sure they can meet unforeseen expenses without going over budget.
See: Banking Consolidation as Canadian Western Bank is Acquired
To solve this, KOHO has teamed up with Walnut Insurance to offer renters in Alberta, British Columbia, Manitoba, Nova Scotia, and Ontario reasonably priced Tenant Insurance. It's one of the most affordable solutions in Canada, with monthly costs as low as $22.
3. Cash Back on Rent in Canada
KOHO has also launched Canada's first rent cashback incentive. Rent payments made using the KOHO app can earn eligible users of the Everything plan with Tenant Insurance coverage 0.25% cash back. This program is a part of KOHO's larger goal of empowering Canadians with money by providing tools that enable them to earn, save, and accumulate wealth.
Conclusion
For renters, the innovative trifecta of Rent Reporting, Cash Back on Rent, and Tenant Insurance is a one-stop package towards strengthening financial health. Learn more about how KOHO is revolutionizing financial freedom.
NCFA Interview with Daniel Eberhard, CEO of KOHO on these Exciting New Products
KOHO CEO, Daniel Eberhard
Q1. Rent payments are often overlooked when it comes to building credit. Why do you believe it’s critical to bring rent reporting into the financial system now, and how do you think it will reshape how renters build credit in Canada?
Daniel Eberhard: The traditional entry point of 18-22% unsecured debt via credit card and then graduated to a mortgage is an obviously flawed path, and increasingly out of reach for younger Canadians, and those new to the country, etc.
We really believe all natural behaviours, like rent payments, utilities, cell phones, etc should all one day be part of someone’s credit score. 40% of Canadians rent today. If you look at Canadians below 35 or new to the country, it’s probably 60%. We need a financial system which recognizes and treats these people fairly.
Q2. How does KOHO’s rent reporting compare to mortgage reporting in terms of its impact on credit scores?
Daniel Eberhard: We don’t know yet but likely less impactful to start. All new forms of credit history require a big data set to be built. The bigger the data set, the easier it is to correlate payments with good credit behaviour. I would expect rent reporting to be less impactful today but hopefully in the future, they are equal.
Q3. Can you explain how historical rent payment reporting works? How far back can renters report past payments, and how does KOHO verify them?
Daniel Eberhard: With KOHO’s Rent Reporting launch, we are helping KOHO members build their credit history for free with the rent payments that they already make every month. KOHO reports current and future rent payments made through KOHO by Rent Reporting subscribers to the credit bureau, Equifax, on subscribers’ behalf.
Crucially, for Canadians living paycheque to paycheque, other providers charge for their rent reporting features. FrontLobby costs $4/month and Borrowell is $8/month. And even though Chexy provides their rent reporting feature for free, it is paywalled behind a 1.75% surcharge on rent payments – at the average Canadian rent in August 2024 of $2,201 according to Rentals.ca, that costs users $39 a month!
Canadians can get KOHO Essential for $0 through Qualifying Actions, including transferring at least $1,000 a month into KOHO to pay rent or setting up Direct Deposit, meaning many Canadians can get Rent Reporting for free through KOHO!
See: KOHO’s Strategic Push Towards A Banking License
Historical rent payment reporting is a little different – it enables users to build their credit history using up to 2 years of past rent payments. This can be done by collecting evidence that the past payments were in fact made, and then reporting them to the credit bureau, Equifax. KOHO does not offer historical rent payment reporting today, but is considering it for the future.
Q4. Beyond rent reporting, what other fintech products is KOHO considering to help underserved groups build credit? How does this fit into KOHO’s long-term vision?
Daniel Eberhard: This, along with our credit building products, free credit reports, and cash-advance “cover” and Pay Later products are all incremental steps in KOHO’s broader goal of democratizing wealth creation in Canada. There are more innovative products to come.
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, artificial intelligence, 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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