× Select City
×
×
×
Tech, Venture

Canadian fintech company raises $42M as its user base continues to grow

8b597568706793ed1508c313361a119a?s=96&d=mm&r=g
Yasmin Aboelsaud May 15, 2019 6:30 am

Canadian fintech company KOHO has raised $42 million in a funding round led by Portag3 Ventures, including Greyhound Capital and other strategic investors.

The continuously growing financial start-up is known for offering Canadians an alternative to the traditional banking experience.

According to the Toronto-based company, in less than two years, KOHO has grown to over 120,000 accounts, released 43 new versions of the app, and has had over $500 million in annualized transactions.

See also

“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 Daniel Eberhard, Founder and CEO of KOHO, in a statement.

 

View this post on Instagram

 

A post shared by KOHO (@getkoho) on

In 2017, KOHO raised $8 million in venture funding from Portag3 Ventures during their Series-A round. At the time, the company was Vancouver-based, and announced its new HQ would be located in Toronto.

After Monday’s announcement of its Series-B funding, KOHO said it’s “thrilled to continue the relationship” with an investment from Portag3.

“The Canadian market is ripe for an alternative banking solution and we believe KOHO’s recent customer adoption is validation for this thesis,” said Adam Felesky, CEO of Portag3 Ventures. “Portag3 is in a unique position to further accelerate this growth through our LPs and growing the Canadian fintech ecosystem.”

KOHO says it will use its latest investment to further accelerate its growth and build new products and services.

© 2019 Buzz Connected Media Inc.