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Koho (fintech)
Canadian neobank From Wikipedia, the free encyclopedia
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Koho Financial Inc. (styled as KOHO) is a Canadian fintech company based in Toronto.[1] While it is not a bank, the company is considered a neobank and provides banking services via Koho Financial Inc. pursuant to a license by Mastercard International Incorporated.
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History
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Koho was founded in 2014 in Vancouver.[2][3] In January 2015, the platform was launched, offering its services through its beta mobile app.[4][5] The company partnered with Peoples Trust and Mastercard for its banking services[6] with the company providing all of the APIs and User Interfaces[clarification needed].[7]
Koho is not a member of Canada Deposit Insurance Corporation (CDIC), and not all deposits are insured; however, Koho accounts that earn interest are held in trust by CDIC-member institutions and funds would be returned to account holders by Peoples Trust in the event Koho fails.[8][9][10]
Later in 2017, Koho moved its headquarters to Toronto, after again receiving investment from Portag3 Ventures.[11][12]
In 2019, Koho was able to secure $25 million in second-round funding after successful growth and accumulating 120,000 accounts in Canada.[13] In 2020, amid the COVID-19 pandemic, Koho partnered with the CRA to allow their users to receive their emergency funds directly into their Koho accounts.[14]
On August 19, 2020, Koho partnered with Manzil to launch the very first Halal Prepaid Mastercard program in Canada.[15][16]
In 2024, Koho paired with Canada Post to allow its customers to make cash deposits into their Koho accounts via the post office.[17][18] A few months later, in November 2024, Canada Post confirmed that it had partnered with Koho to bring back postal banking, by offering chequing and savings accounts.[17][18] Initially Canada Post employees will be given early access to test the functionality of the accounts offered; with Canada-wide public access planned for 2025.[18][17]
In May 2025, the company launched international money transfers, with the ability to send remittances, or international money transfers, to over 190 countries.[19]
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Awards and distinctions
- Nasdaq FinTech Innovation Award (2015)[20]
See also
References
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