Canadian FinTech KOHO raises $86m in Series D Funding round

By Gloria Mathias

KOHO Financial, a Canadian FinTech company, has announced it successfully raised an additional $86 million in a Series D extension at an $800 million valuation.

New and existing KOHO investors provided the capital, including Drive Capital, Eldridge Industries, HOOPP, Portage, Round13, BDC, and TTV since the 2021 funding round.

“When we look across the global fintech landscape, more and more consumers are choosing newer, mobile-first technology startups that simplify their financial lives. KOHO is emerging as the winner in Canada, and we’re thrilled to continue to support this ambitious team and mission,” said Chris Olsen, partner at Drive Capital.

The company’s success is attributed to the continuous growth of its product range, which includes credit building, cover, the ability to check your credit score for free, and a 5 per cent savings rate. Complementing these products is KOHO’s subscription model, known as KOHO Plans.

“We set out to raise this additional capital with one thing in mind: to accelerate building value for users,” said Daniel Eberhard, CEO and founder of KOHO. “In this economic climate, every dollar counts. This injection puts us in a position to ship faster and push harder for Canadians.”

Looking ahead to 2024, KOHO is dedicated to enhancing Canadians’ financial well-being through features such as increased credit offerings, in-app bill splitting, access to government benefits, and a wide range of other capabilities. In the app, users have the opportunity to remain informed, as KOHO’s roadmap is public and open for comments.

KOHO is a FinTech company on a mission to make financial products that are transparent and intuitive. KOHO offers a full-service spending and savings account with no hidden fees that give cash back on every purchase and an integrated app that helps users spend smart and save more. KOHO partners with a variety of banks and federally regulated financial institutions.