KOHO Financial has announced a significant stride towards obtaining a banking license, potentially becoming Canada’s first fintech startup to do so. This development follows their recent Series D extension, raising $86 million and valuing the company at $800 million, alongside surpassing one million users.
Daniel Eberhard, KOHO’s CEO, emphasized the necessity of robust infrastructure for product excellence. Additionally, former Tangerine Bank CEO, Peter Aceto, has been appointed to spearhead the licensing efforts.
With a banking license, KOHO aims to directly hold deposits and access payment systems currently managed through Peoples Group, further solidifying their position in the financial landscape.
Want to know more? Check out the source code on Fintech.ca.