Koho, a Vancouver and Toronto, Canada-based fintech startup, raised $8m in financing.
Portag3 Ventures, a fund launched last year by Canada’s Power Financial Corp., made the investment. With the round, Paul Desmarais III, senior vice president of Power Financial, Adam Felesky, president of Portag3, and Michael Katchen, co-founder and CEO of Wealthsimple, joined the board.
The company intends to use the funds to scale the platform and expand its engineering and operations team in Toronto.
Led by Daniel Eberhard, CEO and founder, Koho provides an app for underserved Canadians to make purchases everywhere with the Koho card, deposit their paycheque, access more than 8,000 fee free ATMs, pay bills, and send e-Transfers. It also provides a suite of capabilities like real-time purchase updates, savings goals, instant Koho-to-Koho transfers, spending insights, live in-app support, and more.
The app is available for download from the App Store or Google Play.