Vancouver financial services platform Koho has raised $8 million in additional financing from Portag3 Ventures, a fund launched last year by Canada’s Power Financial Corp. With the round, Paul Desmarais III, senior vice president of Power Financial, Adam Felesky, president of Portag3, and Michael Katchen, co-founder and CEO of Wealthsimple, joined the board. Koho will use the funds raised to scale the platform and expand its engineering and operations team at a new Toronto headquarters.
VANCOUVER, BC — (September 25, 2017) – Koho, a new financial service platform connecting Canada’s mobile generation to modern, transparent and innovative financial services, today announced it has raised $8 million in venture funding from Portag3 Ventures. Koho also announced key new additions to its Board of Directors, including Paul Desmarais III (Senior Vice-President, Power Financial Corporation and Executive Chairman, Portag3 Ventures), Adam Felesky (President, Portag3 Ventures), and Michael Katchen (Co-founder and CEO, Wealthsimple).
The new funds will enable Koho to scale its technology platform, expand its engineering and operations team at its new Toronto headquarters, and bring to more Canadian consumers a broad ecosystem of financial services products that may have historically been harder to access . Koho’s new services will provide novel ways to help underserved Canadians automate savings, earn financial rewards, and access other transparent and simple financial products.
“We are excited to support Koho’s ambition of reimagining how Canadians can be better served in their daily financial lives,” said Adam Felesky, President of Portag3 Ventures. “Providing access, transparency and low costs in partnership with financial institutions are core pillars of the Koho platform and if successful, we believe Koho can build lifelong relationships with their customers.”
“Since launching Koho earlier this year, we’ve experienced tremendous growth,” said Daniel Eberhard, CEO and founder of Koho. “Our growth comes on the back of tangible customer benefits; helping people save money and providing them more financial control. It’s the reason people use our app five times more than traditional finance apps.”
Koho provides Canadian consumers with a new interface to holistically manage their daily financial lives — both spending and saving — and the ability to achieve their short and long term financial goals, free of fees and with engaging insights into personal finances. Customers can make purchases everywhere with the Koho card, deposit their paycheque, access more than 8,000 fee free ATMs, pay bills, and send e-Transfers. Koho also provides a suite of modern capabilities like real-time purchase updates, savings goals, instant Koho-to-Koho transfers, spending insights, live in-app support, and more.
“We’re thrilled to support this promising fintech company. We look forward to working with Daniel and the Koho team to bring Canadians more inclusion, transparency and access to great financial services,” said Paul Desmarais III, Senior Vice-President at Power Financial Corporation and Executive Chairman of Portag3.
The Koho app is available for download from the App Store or Google Play. For more information, please visit Koho at www.koho.ca.
Koho is a new company that’s bringing modern-day financial services to the mobile generation. We provide everyday consumers novel ways of accessing rich insights into their spending habits, while providing core financial services, free of fees. Launched in March 2017, and based in Vancouver (British Columbia), Koho is a venture backed startup which has raised $10.6M from the founders of Hootsuite & Shopify, billion-dollar fund managers, and Portag3 Ventures, the venture capital investment arm of Power Financial Corporation (TSX: PWF).
About Portag3 Ventures
Portag3 Ventures is an early-stage investor dedicated to backing innovating financial services companies working to benefit all consumers. Exclusively sponsored by Power Financial Corporation, IGM Financial Inc. and Great West-Lifeco Inc., Portag3 gives new ideas a unique environment to grow. Portag3 makes longer-term commitments, and combined with its industry intelligence is an ideal partner for the ambitious and creative entrepreneur.