Fintech KOHO raises $70M to Scale Better Banking for Canadians
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TORONTO, March 15, 2021 (GLOBE NEWSWIRE) -- KOHO Financial, the rapidly growing Canadian challenger bank, announced today that it has closed a $70 million oversubscribed Series C funding round. The round was led by new investor TTV Capital, with renewed commitments from existing investors Drive Capital and Portag3 Ventures.
The capital injection will allow KOHO to continue its bold mission to change the traditional banking landscape and normalize accessible, simplified and transparent banking services for everyone.
Atlanta-based venture capital firm TTV Capital is a pioneer of fintech investing. “The landscape of financial services is changing rapidly in the digital age. As a result, individuals need a more modern banking product,” says Gardiner Garrard, Co-founder and Managing Partner of TTV Capital. “KOHO's customer focused team has built a low cost, simple to use digital app that provides today's sophisticated financial consumer with the solution they deserve.”
Existing investors Drive Capital and Portag3 Ventures (“Portag3”) followed TTV in the funding round. Both Portag3 and Drive have been key advisors to KOHO, and their additional investments prove confidence in KOHO’s growth and upward trajectory. “Consumers today have high expectations for the banking experience. They’re looking to challenger banks to provide an elegant, mobile-first solution. Canadians are already turning to KOHO for their financial services and we expect this to accelerate going forward,” stated Drive Capital Partner, Chris Olsen.
“We’re thrilled to welcome these outstanding new partners and to have our existing investors double down on KOHO,” said KOHO CEO Daniel Eberhard. “Their support will fuel our next phase of growth as we build our client base and further expand our services. 2020 was a challenging year for most and has only accelerated our conviction that KOHO can help Canadians.”
Since KOHO’s Series B extension round at the beginning of 2019, KOHO has nearly doubled its customer base to more than 350,000 users and its team has doubled in size to over 150 employees. Notable new additions include a new CMO, Alexandru Otrezov (previously ran search and experimentation at Uber), a new CTO, Jonathan Klein (former Director of Engineering at Wayfair), and a new CFO, Felix Wu (former COO at PC Bank).
About KOHOKOHO is a new era of banking on a mission to make the financial system transparent and intuitive. KOHO offers a full-service account with no hidden fees. The account comes with a reloadable prepaid Visa card that earns cash back on every purchase, and an integrated app that helps users spend smart and save more.
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For more information, please visit www.koho.ca
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