Canada-based fintech, Koho , has announced that it raised USD 63.4 million in a Series D and surpassed one million users. This alternative banking app for people in Canada has stated that the round prices it at a valuation of around USD 590 million, roughly where it was in 2021. As per the official announcement, the fintech attributed its success to the growth of its product range, which now includes credit building, free credit score checking, and a five percent savings rate. Officials from the company stated that the main mission of Koho was to provide and better option to Canadians, with simplified solutions when it comes to spending, borrowing, getting paid, and building wealth. The funding came from new and existing investors, including Drive Capital, Eldridge Industries, HOOPP, Portage, Round13, BDC, and TTV. When looking across the global fintech landscape, it is clear that more and more consumers are choosing newer, mobile-first technology startups that simplify their financial lives. The no-fee spending and savings account comes with a prepaid credit card app and allows users to load funds and then earn cashback on purchases, combining a spending account with the perks of a credit card.

About Koho Koho is a no-fee spending and savings account to simplify personal finances. It is a collection of features designed to help users reach goals faster, without interest or hidden fees. Just like a spending account, users can put money into a Koho account and then use it however they see fit.

The fintech also offers cash back and can also use its reloadable prepaid credit card anywhere Mastercard is accepted. In February 2022, Koho closed Series D financing with USD 210 million to democratise access to wealth creation in Canada. The financing comprised USD 150 million in primary capital, USD 10 million in secondary for early shareholders and members of the Koho team, and a USD 50 million debt facility. The round was led by US-based holding company Eldridge.

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