The alternative financial technology banking firm KOHO successfully raised a $42 million deal. KOHO states that the company plans to use its funds for further growth and development of its business.
Fintech Futures report that the series B funding round was led by Portag3 Ventures as well as a British firm, Greyhound Capital.
A Closer Look on Its Services
The Toronto-based fintech firm, KOHO, has reportedly grown exponentially over the past two years. Finextra reports that it claims to have more than 120,000 customers availing its mobile banking service.
Having been in operation for two years, the financial technology firm stakes its claim that they are responsible for over $500 million annual transactions and KOHO cards being used every 4 seconds.
The Toronto-based business provides an alternative to traditional banking offers and experiences. Under their program, customers can available a Visa-powered card that can be reloadable. Complete with KOHO’s mobile and fully integrated application, cardholders and users have the chance to get real-time updates about their finances. Apart from these features, the company also offers cashback, automated savings goals, and more.
Growth in the Horizon
With the company’s fast trajectory towards success, it has decided to move its headquarters to Toronto to better serve Canadians. It seeks to help Canadians to gain “control over their own finances,” reports Pymnts.
According to Pymnts, the company intends to use its funds to boost its growth and reach. It aims to develop new products and services that they can eventually introduce in the market. Its mobile app alone has been updated 43 times as of writing, showing that numerous people believe in what they do.
The chief executive officer of Portag3 Ventures Adam Felesky states that their support for the KOHO comes with its own desire of improving the Canadian fintech ecosystem.