Koho Financial Inc., a Vancouver, Canada-based spending and saving app, closed a second round of funding.
The round was led by Power Financial Corporation (TSX:PWF) with participation from Rashay Jethalal, the former Director of Global Banking at CIBC, Adam Felesky, former CEO of Horizons ETF, Scott Lake, Co-Founder of Shopify and Hello Ventures, and David Tedman, Co-Founder of Hootsuite.
The company, which closed an initial seed round of $1 million last June, plans to use the additional funds to continue improving its product, onboarding its waitlist, hiring, and layering on new features based on customer feedback.
Founded in 2014 by Daniel Eberhard and Stanley Park Ventures’ Joshua Bixby, Jonathan Bixby, and Mike Benna, Koho provides an mobile application (and Visa prepaid card) offering such features as direct deposit, bill pay, ATMs, and transfers, as well as real-time updates, automated budgets and savings, personalized goals, and card blocking.
Users’ deposits are held through Koho’s partnership with Peoples Trust, while the Visa network provides the ability to make purchases everywhere Visa is accepted.
The app was recently released in private beta to a select few users for early testing and feedback, and will roll out to the remaining waitlist of more than 7,000 Canadians over the coming months.