- Toronto-based fintech company KOHO has raised $42 million led by Portag3 Ventures
- KOHO has seen over $500 million in annualized transactions
- KOHO will be further accelerating its growth with the funding
KOHO, a Toronto-based fintech company, announced it raised $42 million in funding led by Portag3 Ventures. Greyhound Capital and other strategic investors also joined this round.
What does KOHO do? It provides Canadians with an alternative to traditional banking experiences. In under two years, KOHO grew to more than 120,000 accounts and moved their headquarters to Toronto. Plus the company released 43 new versions of its app.
KOHO has seen more than $500 million in annualized transactions and a KOHO card is used every 4 seconds. Plus KOHO has built a current account that Canadians appreciate (Net Promoter Score of 80 and App Store rating of 4.8/5 stars)
“KOHO’s mission is to restore balance to Canadians by giving them control over their own finances. This new funding is both validation of what we’ve done and a vote of confidence for the work left to do,” said KOHO founder and CEO Daniel Eberhard.
KOHO previously raised $8 million from Portag3 for its Series A funding round. And KOHO is continuing this relationship with an investment from Portag3 Ventures LP II.
With the investment, KOHO is going to further accelerate its growth and build new products and services that are aligned with what Canadians need.
“The Canadian market is ripe for an alternative banking solution and we believe KOHO’s recent customer adoption is validation for this thesis. Portag3 is in a unique position to further accelerate this growth through our LPs and growing the Canadian fintech ecosystem,” added Portag3 Ventures CEO Adam Felesky.
