KOHO announced that it has raised $190 million in additional capital, $40 million of which is equity and $150 million in debt. This new funding will drive growth, the expansion of KOHO’s lending book and new innovative products, and continued progress towards a Schedule 1 bank license.
The funding round was led by returning investor, PROPELR Growth, joined by new investor Rockefeller Capital and included existing investors Drive Capital, TTV, and BDC. The credit extension is in partnership with new and existing partners.
KEY QUOTES:
“We’re more excited than ever at KOHO. We had the choice of profitability with our existing capital but this injection allows us to grow faster and expand our lending business, both of which support our bank license application. This is going to let us keep building and scaling wonderful products like rent reporting, tenant insurance, buy-now pay later and more. We remain incredibly humbled by the trust of our team, our investors and most importantly, our users. Onwards.”
-CEO Daniel Eberhard
“PROPELR Growth Fund has been invested in KOHO since early 2022 and we have had a front row seat to see Daniel and his team execute well on a very ambitious growth plan. We’ve been very impressed with KOHO’s ability to innovate and create a breadth of products to help Canadians save money and improve their financial security. We’re delighted to significantly increase our investment in the Company to help accelerate the next phase of growth as a Canadian fintech leader.”
-Sanjiv Samant, Managing Partner of PROPELR Growth. As part of the financing, Sanjiv will join the KOHO Board of Directors
