Koho Fintech Revolutionizes Banking with New Partnerships and Funding

Koho Fintech is making waves in the banking industry with its innovative approach to financial services. Koho has secured significant funding, totaling $100 million, to further develop its platform.

This influx of capital will undoubtedly accelerate Koho's growth and expansion plans. Koho's focus on improving financial inclusion and accessibility is a game-changer for many individuals.

Koho's partnerships with major financial institutions are a testament to its credibility and potential for success. By collaborating with these institutions, Koho can leverage their expertise and resources to deliver better services to its customers.

Koho's commitment to financial literacy and education is another key aspect of its mission.

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KOHO was founded in 2014 in Vancouver.

The company launched its services through a mobile app in beta in 2015, but its official launch was pushed back to 2017.

KOHO partnered with Peoples Trust and Mastercard for its banking services, with the company providing all of the APIs and User Interfaces.

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Funds deposited into a KOHO card were not initially insured by the Canada Deposit Insurance Corporation (CDIC), but as of 2024, KOHO accounts are CDIC insured up to $100,000 per account.

KOHO moved its headquarters to Toronto in 2017 after receiving investment from Portag3 Ventures.

In 2019, KOHO secured $25 million in second-round funding after successful growth and accumulating 120,000 accounts in Canada.

The company partnered with the CRA in 2020 to allow users to receive emergency funds directly into their KOHO accounts.

KOHO partnered with Manzil in August 2020 to launch the first Halal Prepaid Mastercard program in Canada.

Canada Post partnered with KOHO in 2024 to allow customers to make cash deposits into their KOHO accounts via the post office.

Initially, Canada Post employees will be given early access to test the functionality of the new chequing and savings accounts offered by KOHO, with Canada-wide public access planned for 2025.

Koho has partnered with Propel Holdings to offer AI-powered lines of credit to consumers overlooked by traditional financial institutions.

This partnership brings more credit options to individuals who are credit invisible, meaning they don't have a credit file or the credit information on file is insufficient to generate credit scores.

The line of credit will range between $1,000 and $15,000, and customers can join a waitlist on Koho's website to gain access to the offering when it goes live this Fall.

Koho has also secured $190 million in additional funding, consisting of $40 million in equity and $150 million in debt, to fuel growth, expand lending, and advance its bank license goals.

This funding will help Koho continue to innovate and expand its offerings, including a buy now, pay later tool that's currently in beta and new rent reporting features that help users build credit history.

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Over three million people in Canada are credit invisible, meaning they lack a traditional credit history, making it difficult for them to access financial services.

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KOHO, a leading Canadian Challenger Bank, has secured $190 million in additional funding, consisting of $40 million in equity and $150 million in debt.

This significant investment will fuel KOHO's growth, helping the company expand its lending capabilities and advance its goal of obtaining a bank license.

The funding will also enable KOHO to further develop its AI-powered lines of credit, which will bring more credit options to consumers overlooked by traditional financial institutions.

With this new funding, KOHO is poised to make a even bigger impact on the Canadian fintech scene.

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KOHO is set to launch a line of credit offering through a partnership with Propel Holdings. This partnership will allow KOHO to introduce and manage the line of credit as one of the core lending products in its app.

The line of credit will range between $1,000 and $15,000, and will be powered by Propel's technology, underwriting, servicing, and funding through its lending platform Fora Credit. This partnership is a significant step forward for KOHO's mission to empower all Canadians to make financial progress.

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Customers can currently join a waitlist on KOHO's website to gain access to the line of credit offering when it goes live this Fall. This is an exciting development for those who have been waiting for more credit options.

The addition of a line of credit to KOHO's suite of offerings follows the company's recent introduction of new rent reporting features to help its users build credit history. This is a crucial step for Canadians who are credit invisible, with over three million people aged 18-plus in Canada estimated to be in this situation.

KOHO has traditionally relied on partnerships with regulated third parties to deliver many of its products, and this partnership with Propel Holdings is a prime example of this approach.

Koho's impact on the banking and finance industry is significant. The company is working towards obtaining a Schedule 1 banking license, which would allow it to offer a broader range of financial products and services.

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Koho has already secured $190 million in fresh capital to grow its lending business and expand its range of financial solutions. This includes introducing new services such as buy-now-pay-later plans, renter insurance, and rent reporting.

The company's partnership with Propel Holdings will allow it to offer a line of credit to its customers, ranging from $1,000 to $15,000. This will provide customers with more flexibility and options for managing their finances.

Here are some key benefits of Koho's expansion plans:

KOHO is making significant strides towards becoming a Schedule 1 bank with a $190 million boost to accelerate its growth.

KOHO has secured $190 million in fresh capital to grow its lending business, offer a broader suite of financial products, and progress efforts towards becoming a Schedule 1 bank.

The $190 million in capital will be used primarily to grow KOHO's credit offerings, which is a key step towards obtaining a banking license.

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The equity portion of the funding is led by PROPELR Growth, with new investor Rockefeller Capital and returning partners Drive Capital, TTV, and BDC.

Here's a breakdown of the investors leading the $40 million equity portion:

Sanjiv Samant, Managing Partner of PROPELR Growth, will join KOHO's Board of Directors, highlighting the confidence they have in KOHO's ability to execute its expansion strategy.

KOHO's recent move to introduce rent reporting features is a game-changer for renters. This feature helps users build credit history by reporting their rent payments to credit bureaus.

Renters can also earn cash back on their rent through KOHO's partnership with Walnut Insurance. This is a win-win for renters who want to build credit and save money on their rent.

KOHO's rent reporting feature is just one of the many ways the company is working to empower consumers with their money. The company's focus on flexibility and customer empowerment is evident in its commitment to introducing new services that make financial management easier for its users.

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With KOHO, renters can take control of their finances and start building credit history. This is a huge step forward for renters who may have been excluded from traditional banking services.

Here are some key benefits of KOHO's rent reporting feature: