KOHO Financial – a leading Canadian fintech company – recently announced it successfully raised an additional $86 million in a series D extension at an $800 million valuation. The new and existing KOHO investors provided the capital, including Drive Capital, Eldridge Industries, HOOPP, Portage, Round13, BDC, and TTV.
Despite a drop in Canadian fintech investment during the first half of 2023, KOHO shines as an exceptional success story in the industry. Notably, it has sustained a consistently positive valuation since the 2021 funding round.
The company’s success is attributed to the continuous growth of its innovative product range which includes Credit Building, Cover, the ability to check your credit score for free, and an industry-leading 5% savings rate. And complementing these products is KOHO’s subscription model, known as KOHO Plans.
Looking ahead for next year, KOHO is dedicated to enhancing Canadians’ financial well-being through innovative features like increased credit offerings, in-app bill splitting, access to government benefits, and a wide range of other exciting capabilities.
KEY QUOTES:
“When we look 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. KOHO is emerging as the winner in Canada and we’re thrilled to continue to support this ambitious team and mission.”
- Chris Olsen, partner at Drive Capital
“We set out to raise this additional capital with one thing in mind: to accelerate building value for users. In this economic climate, every dollar counts. This injection puts us in a position to ship faster and push harder for Canadians.”
- Daniel Eberhard, CEO and founder of KOHO
