Koho (fintech)
{{short description|Canadian neobank}}
{{Infobox company
| name = KOHO Financial Inc.
| logo = Koho logo (2025).png
| type = Private
| industry = Financial services
| founded = {{start date and age|2014}} in Vancouver, British Columbia
| founders = Daniel Eberhard,
Mike Benna,
Jonathan Bixby,
Joshua Bixby
| hq_location = Toronto, Ontario
| num_employees =
| products =
| revenue =
| assets =
| website = {{URL|https://www.koho.ca/}}
}}
Koho Financial Inc. (styled as KOHO) is a Canadian fintech company based in Toronto.{{Cite web|url=https://betakit.com/koho-continues-to-attack-traditional-banking-features-with-new-joint-accounts/|title=Koho continues to attack traditional banking features with new joint accounts | BetaKit|date=February 6, 2019}} 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.
History
Koho was founded in 2014 in Vancouver.{{cite web|url=https://www.bcbusiness.ca/Matrix-Vancouvers-money-makeover|title=Matrix: Vancouver's money makeover|first=Kevin Hinton & Ryan|last=Mckenzie|publisher=}}{{cite web|url=https://techvibes.com/2014/12/03/koho-set-to-disrupt-canadas-big-five-banks-2014-12-03|title=Koho Set to Disrupt Canada's Big Five Banks|website=Techvibes}} In January 2015, the platform was launched, offering its services through its beta mobile app.{{Cite web|url=https://betakit.com/koho-wants-to-create-a-canadian-bank-built-for-millennials/|title=Koho wants to create a Canadian bank built for millennials | BetaKit|date=December 3, 2014}}{{Cite web|url=https://www.theglobeandmail.com/report-on-business/new-mobile-bank-koho-set-to-join-canadas-fintech-crowd/article27483505/|title=New mobile bank Koho set to join Canada’s fintech crowd|via=The Globe and Mail}} The company partnered with Peoples Trust and Mastercard for its banking services{{Cite web |title=KOHO is a Free Alternative to a Chequing Account for Canadians |url=https://www.koho.ca/about/ |access-date=2023-11-22 |website=www.koho.ca |language=en}} with the company providing all of the APIs and User Interfaces{{Clarification needed|reason=UI is an ambiguous acronym|date=October 2020}}.{{Cite web|url=https://techcrunch.com/2017/03/16/koho-a-mobile-only-suite-of-financial-services-for-millennials-launches-in-canada/|title=Koho, a mobile-only suite of financial services for millennials, launches in Canada}}
Originally, funds deposited into a Koho card were not insured by the Canada Deposit Insurance Corporation (CDIC), and would be returned to account holders by Peoples Trust in the event Koho fails.{{cite web |title=Is KOHO CDIC Insured? |url=https://help.koho.ca/en/articles/2986694-is-koho-cdic-insured |website=Koho Help Centre |access-date=24 November 2020 |language=en}}{{cite web |title=Cardholder Agreement |url=https://www.koho.ca/legal#CardHolderAgreement |website=Koho Legal |access-date=24 November 2020 |language=en |quote=Funds loaded onto the Card are not insured by the Canada Deposit Insurance Corporation (CDIC).}} (As of 2024, Koho accounts are CDIC insured up to $100,000 per account.){{Cite web |title=Are Canadian Bank Accounts Insured? - CDIC Insurance {{!}} KOHO |url=https://www.koho.ca/learn/are-canadian-bank-accounts-insured/ |access-date=2024-12-28 |website=www.koho.ca |language=en}}
Later in 2017, Koho moved its headquarters to Toronto, after again receiving investment from Portag3 Ventures.{{cite web|url=https://betakit.com/vancouver-based-koho-hiring-a-toronto-team-including-a-vp-of-finance-and-coo/|title=Vancouver-based Koho hiring Toronto team, including VP of Finance and COO|publisher=}}{{cite web|url=https://betakit.com/koho-raises-8-million-from-portag3-as-paul-desmarais-iii-and-mike-katchen-join-board/|title=Koho raises $8 million from Portag3 as Paul Desmarais III and Mike Katchen join board|publisher=}}
In 2019, Koho was able to secure $25 million in second-round funding after successful growth and accumulating 120,000 accounts in Canada.{{Cite web|url=https://www.crowdfundinsider.com/2019/12/154762-canadian-neobank-kohos-series-b-funding-round-secures-additional-25-million/|title=Canadian Neobank Koho’s Series B Funding Round Secures Additional $25 Million|date=December 3, 2019|website=Crowdfund Insider}} 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.{{Cite web|url=https://help.koho.ca/en/articles/3956175-how-to-get-early-access-to-your-cerb-benefits|title=How to get early access to your CERB benefits?|website=help.koho.ca}}
On August 19, 2020, Koho partnered with Manzil to launch the very first Halal Prepaid Mastercard program in Canada.{{Cite web|date=2020-08-19|title=Manzil partners with Koho to launch halal prepaid Mastercard card {{!}} BetaKit|url=https://betakit.com/manzil-partners-with-koho-to-launch-halal-prepaid-visa-card/|access-date=2020-12-01|language=en-CA}}{{Cite web|title=Manzil Partners With KOHO to Launch Halal Prepaid Visa Cards This launch is the first of its kind in Canada and will give faith based users a unique opportunity to spend and save money|url=https://financialpost.com/pmn/press-releases-pmn/globe-newswire-releases/manzil-partners-with-koho-to-launch-halal-prepaid-visa-cards-this-launch-is-the-first-of-its-kind-in-canada-and-will-give-faith-based-users-a-unique-opportunity-to-spend-and-save-money|access-date=2020-12-01|website=financialpost|language=en-CA}}
In 2024, Koho paired with Canada Post to allow its customers to make cash deposits into their Koho accounts via the post office.{{Cite web |author=Ian Bickis and Rosa Saba|agency=The Canadian Press |date=2024-11-08 |title=Canada Post to launch chequing and savings account with Koho |url=https://www.thecanadianpressnews.ca/business/canada-post-to-launch-chequing-and-savings-account-with-koho/article_d6c69e8c-bb62-59a9-8a0f-a3b93719ebc7.html |access-date=2024-12-28 |website=thecanadianpressnews.ca |language=en}}{{Cite web |date=2024-11-11 |title=Canada Post Launching Bank Accounts with No Fees: Here are the Details • iPhone in Canada Blog |url=https://www.iphoneincanada.ca/2024/11/11/canada-post-launching-bank-accounts-with-no-fees-here-are-the-details/ |access-date=2024-12-28 |website=www.iphoneincanada.ca |language=en-US}} 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. 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.