Daniel Eberhard, Founder and CEO of KOHO

Canadian fintech KOHO has secured $42 million in a Series B fundraising round led by Portag3 Ventures, Greyhound Capital and other strategic investors.

“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.

The fintech aims to utilize the funds raised in order to propel its product and service offerings which have been customized for the Canadian market.

“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, previously raised $8 million in its Series A round from Portag3 Ventures.

Founded in 2014 and headquartered in Toronto, KOHO aims to provide an alternative to the traditional banking experience. Through its integrated app and reloadable Visa Card, consumers are offered a number of benefits including real-time insights into their money, instant cash back, round-ups and automated savings goals.

by Megha Bhattacharya
Market Analyst at IBS Intelligence