Koho, a new financial service platform connecting Canada’s mobile generation to modern financial services, today announced it has raised $8 million in venture funding from Portag3 Ventures.
Launched in Vancouver in March 2017, Koho is a venture backed startup which has already raised capital from the founders of Hootsuite & Shopify.
The new funds from its latest round of investment will enable Koho to scale its technology platform, expand its engineering and operations team, and connect more Canadian consumers to a broad ecosystem of financial services products (utilizing a regulated financial institution).
As part of today’s announcement, Koho also revealed key new additions to its Board of Directors, including Paul Desmarais III (Senior Vice-President, Power Financial Corporation and Executive Chairman, Portag3 Ventures), Adam Felesky (President, Portag3 Ventures), and Michael Katchen (Co-founder and CEO, Wealthsimple).
The company also announced that it would open a new HQ in Toronto.
“Since launching Koho earlier this year, we’ve experienced tremendous growth,” said Daniel Eberhard, CEO and founder of Koho.
“Our growth comes on the back of tangible customer benefits; helping people save money and providing them more financial control. It’s the reason people use our app five times more than traditional finance apps.”