Koho Financial Inc.

Based in Canada, Koho Financial Inc. operates a digital financial platform that enhances money management for Canadians through innovative tools, including a prepaid Mastercard, savings features, and credit-building options. Koho Financial Inc. was founded in 2014 in Toronto, Canada.

The company provides a financial platform aimed at improving users' financial management. The founders Alina Varenik, Jonathan B. , Joshua Bixby, and Mike Benna have previously contributed to various ventures. Koho has engaged in 12 deals, with its most recent funding round taking place on October 2, 2024, where it raised USD 40 mn led by Round13 Capital, alongside BDC Capital, Drive Capital, TTV Capital, and Rockefeller Asset Management.

The total amount raised by the company to date is USD 40 mn. KOHO offers a comprehensive suite of financial tools designed to enhance the money management experience for Canadians. At the core of its offerings is a prepaid Mastercard, providing users with up to 2% cash back on everyday spending and up to 4% interest on savings. KOHO includes features like Rent Reporting to help build credit history and borrowing options like Cash Advances, targeting individual consumers across Canada, particularly urban dwellers and younger demographics focused on financial management.

KOHO's revenue generation model is based on subscription plans with three tiers: the Essential plan at USD 0 per month, the Extra plan at USD 18 per month, and the Everything plan at USD 22 per month. Each plan offers distinct benefits, including varying cash back percentages and additional perks, facilitating a straightforward revenue stream from subscription fees as users engage with the platform's services. In October 2024, Koho Financial Inc. raised USD 40 mn in venture funding to expand its lending portfolio, develop innovative new products, and work towards obtaining a Schedule 1 bank license.

The funding was led by Round13 Capital with participation from BDC Capital, Drive Capital, TTV Capital, and new investor Rockefeller Capital Management. These initiatives aim to enhance Koho's product offerings and market presence.