KOHO Financial Inc. (styled as KOHO) is a Canadian

fintech Fintech, a portmanteau of "financial technology", refers to firms using new technology to compete with traditional financial methods in the delivery of financial services. Artificial intelligence, blockchain, cloud computing, and big data are ...

company based in

Toronto Toronto ( ; or ) is the capital city of the Provinces and territories of Canada, Canadian province of Ontario. With a recorded population of 2,794,356 in 2021, it is the List of the largest municipalities in Canada by population, most pop ...

. While it is not a bank, the company provides

bank A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. Becau ...

ing services in partnership with

Peoples Trust Peoples Trust Company, operating as Peoples Group, is a Canadian financial services company based in Vancouver, British Columbia. Peoples Group operates as a trust company and also maintains a chartered bank subsidiary, Peoples Bank of Canada. It ...

through a mobile app and prepaid Mastercard card.

History

KOHO was founded in 2014 and went into beta in 2015, offering its services through their mobile app. The service's launch was announced for 2016 but was pushed back to 2017. The company partnered with

and Mastercard for its banking services with the company providing all of the APIs and User Interfaces. Funds deposited into a KOHO card are not insured by the

Canada Deposit Insurance Corporation The Canada Deposit Insurance Corporation (CDIC; french: Société d'assurance-dépôts du Canada) is a Canadian federal Crown Corporation created by Parliament in 1967 to provide deposit insurance to depositors in Canadian commercial banks and ...

, and will be returned to account holders by Peoples Trust in the event KOHO fails. In 2019, KOHO was able to secure $25 million in second round funding after successful growth and accumulating 120,000 accounts in Canada. In 2020, amid the COVID-19 pandemic, KOHO partnered with the CRA to allow their users to receive their emergency funds directly into their KOHO accounts. On August 19, 2020, KOHO partnered with Manzil to launch the very first Halal Prepaid Mastercard program in Canada.

References

{{reflist Online financial services companies of Canada Financial services companies established in 2014 Canadian companies established in 2014 Companies based in Toronto 2014 establishments in British Columbia Neobanks

History

See also

References