TORONTO, Feb. 01, 2022 (GLOBE NEWSWIRE) — KOHO Financial Inc, the rapidly growing Fintech company, announced today that it has closed a C$210 million Series D funding round.
This investment was led by Eldridge, a holding company headquartered in Greenwich, Connecticut with a network of businesses across finance, entertainment, and technology, with renewed commitments from existing investors Drive Capital and TTV Capital. Additional investments were made by HOOPP, Round13, and BDC.
“I think our growth is evidence that Canadians are looking for something different,” said Daniel Eberhard, CEO and Founder of KOHO. “It takes a combination of exceptional team members, investors and partners to see KOHO’s mission through and we’re fortunate to have all three.”
KOHO’s growth reflects the rising consumer demand for alternative ways to manage money. With 53% of Canadians currently living paycheque to paycheque, KOHO is meeting Canadian’s need for affordable, customer-centric and intuitive financial products and services. In the last year, the Company has launched KOHO Cover, Instant Pay, Earn Interest, and Credit Building. With this capital infusion, the Company plans to accelerate growth, expand into new product verticals, and increase the company’s headcount from 250 to 400.
“We’re very excited to partner with KOHO. We’ve seen the success of these models around the world and KOHO has emerged as a leader in Canada,” said Todd Boehly, Chairman and CEO of Eldridge. “The KOHO team cares deeply about their mission, and we believe they will create tremendous value for the Canadian financial services industry as they continue to deliver better products and user experiences for their customers.”
Since completing its Series C extension financing round in 2021, the Company’s customer base has surpassed 500,000 users.
Eberhard continued, “We’re passionate about our mission and that has resonated with Canadians. Democratizing access to wealth creation means giving people financial security to spend more time with family, own a home, or save for tuition for their grandkids. That’s a wonderful thing to be a part of.”
KOHO is a Fintech company on a mission to make financial products that are transparent and intuitive. KOHO offers a full-service spending and savings account with no hidden fees that gives cash back on every purchase, and an integrated app that helps users spend smart and save more. KOHO is a Fintech company, not a bank. KOHO partners with a variety of banks and federally regulated financial institutions to deliver our products.
Eldridge invests in businesses across the Insurance, Asset Management, Technology, Mobility, Sports & Gaming, Media & Music, Real Estate, and Consumer landscapes. The firm seeks to build and grow businesses led by proven management teams that have demonstrated leadership and experience to scale an enterprise. Eldridge is headquartered in Greenwich, Connecticut, with additional offices in Beverly Hills, New York, and London. To learn more about Eldridge, please visit www.eldridge.com.
For more information, please visit www.koho.ca