 | |
| Company type | Private |
|---|---|
| Industry | Financial services |
| Founded | 2014 in Vancouver, British Columbia |
| Founders | Daniel Eberhard, Mike Benna, Jonathan Bixby, Joshua Bixby |
| Headquarters | Toronto, Ontario |
| Website | www |
Koho Financial Inc. (styled as KOHO) is a Canadian fintech company based in Toronto. [1] While it is not a bank, the company is considered a neobank and provides banking services via Koho Financial Inc. pursuant to a license by Mastercard International Incorporated.
Koho was founded in 2014 in Vancouver. [2] [3] In January 2015, the platform was launched, offering its services through its beta mobile app. [4] [5] The company partnered with Peoples Trust and Mastercard for its banking services [6] with the company providing all of the APIs and User Interfaces[ clarification needed ]. [7]
Koho is not a member of Canada Deposit Insurance Corporation (CDIC), and not all deposits are insured; however, Koho accounts that earn interest are held in trust by CDIC-member institutions and funds would be returned to account holders by Peoples Trust in the event Koho fails. [8] [9] [10]
Later in 2017, Koho moved its headquarters to Toronto, after again receiving investment from Portag3 Ventures. [11] [12]
In 2019, Koho was able to secure $25 million in second-round funding after successful growth and accumulating 120,000 accounts in Canada. [13] In 2020, amid the COVID-19 pandemic, Koho partnered with the CRA to allow their users to receive their emergency funds directly into their Koho accounts. [14]
On August 19, 2020, Koho partnered with Manzil to launch the very first Halal Prepaid Mastercard program in Canada. [15] [16]
In 2024, Koho paired with Canada Post to allow its customers to make cash deposits into their Koho accounts via the post office. [17] [18] A few months later, in November 2024, Canada Post confirmed that it had partnered with Koho to bring back postal banking, by offering chequing and savings accounts. [17] [18] Initially Canada Post employees will be given early access to test the functionality of the accounts offered; with Canada-wide public access planned for 2025. [18] [17]
In May 2025, the company launched international money transfers, with the ability to send remittances, or international money transfers, to over 190 countries. [19]
Funds loaded onto the Card are not insured by the Canada Deposit Insurance Corporation (CDIC).