KOHO Financial Inc., a leading Canadian fintech company, announced today it successfully raised an additional $86 million in a series D extension at an $800 million valuation. New and existing KOHO investors provided the capital, including Drive Capital, Eldridge Industries, HOOPP, Portage, Round13, BDC, and TTV.
Despite a decline in Canadian fintech investment during the first half of 2023, KOHO shines as an exceptional success story in the industry. Notably, it has sustained a consistently positive valuation since the 2021 funding round.
“When we look across the global fintech landscape, it is clear that more and more consumers are choosing newer, mobile-first technology startups that simplify their financial lives. KOHO is emerging as the winner in Canada and we’re thrilled to continue to support this ambitious team and mission,” said Chris Olsen, partner at Drive Capital.
The company’s overarching success is attributed to the continuous growth of its innovative product range which includes Credit Building, Cover, the ability to check your credit score for free, and an industry-leading 5 percent savings rate. Complementing these products is KOHO’s subscription model, known as KOHO Plans.
“We set out to raise this additional capital with one thing in mind: to accelerate building value for users,” said Daniel Eberhard, CEO and founder of KOHO. “In this economic climate, every dollar counts. This injection puts us in a position to ship faster and push harder for Canadians.”
Looking ahead to 2024, KOHO is dedicated to enhancing Canadians’ financial well-being through innovative features such as increased credit offerings, in-app bill splitting, access to government benefits, and a wide range of other exciting capabilities. In the app, users have the opportunity to remain informed as KOHO’s roadmap is public and open for comments.
