KOHO Financial, founded in 2014 to disrupt Canada’s Big Five Banks, announced today a successful $86 million series D extension at an $800 million valuation. This comes amidst a decline in Canadian fintech investments in 2023. Notably, KOHO maintained its valuation since 2021.
KOHO’s innovative product range, offering Credit Building, Cover, free credit score checks, and an industry-leading 5 percent savings rate, contributed to its success.
Daniel Eberhard, KOHO’s CEO, said the capital injection would accelerate value creation for users. Drive Capital’s Chris Olsen labeled KOHO as Canada’s challenger bank winner.
This extension marks KOHO’s ability to profit with existing assets. Looking ahead, KOHO plans to expand credit offerings and introduce in-app bill splitting.
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