KOHO

Canadian fintech Koho is leveraging generative AI to streamline anti-money laundering (AML) investigations, cutting investigation times from 95 minutes to 35 and aiming for just five. David Kormushoff, Koho’s VP of Technology and AI, announced at AWS Re:Invent that their tool assists investigators by automating tasks like transaction analysis, open-web searches, and FINTRAC reporting.

Crucially, the AI is not trained on customer data, ensuring privacy. Koho plans to adapt the tool for evolving AI regulations. Beyond AML, Koho envisions AI’s role in fraud detection and customer education. The company remains cautious about deploying customer-facing AI for personalized financial insights.

Want to know more? Check out the source code on BetaKit.

Canadian challenger bank KOHO has secured $190 million in new funding, comprising $40 million in equity and $150 million in debt. The round was led by PROPELR Growth, with participation from Rockefeller Capital and existing investors. The capital will support KOHO’s growth, expand its lending services, fund new products, and aid progress toward obtaining a Schedule 1 bank license.

CEO Daniel Eberhard expressed excitement over the opportunities for expansion, including rent reporting and buy-now-pay-later products. PROPELR’s Managing Partner Sanjiv Samant praised KOHO’s innovation and will join its Board of Directors.

Want to know more? Check out the source code on Fintech.ca.

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.

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.

Want to know more? Check out the source code on Techcouver.