Canada-based Koho concludes a Series D round with C$86 million raised

Ali Raza
Last Updated:

Please note that we are not authorised to provide any investment advice. The content on this page is for information purposes only.

Canadian fintech Koho recently concluded a Series D funding round with great success. The company, valued at C$800 million, managed to raise C$86 million during the round’s extension.

The round saw the participation of a number of well-known entities, including Eldridge Industries, BDC, Drive Capital, Round13, HOOPP, TTV, and Portage.

Koho hits 1 million users amid highly successful Series D

Koho is a company considered to be an alternative to a traditional banking experience. The firm’s customers enjoy full-service spending and savings accounts, which provide them with cash back on every purchase. They also get an integrated application that allows them to spend smart and save as much money as possible while still achieving their purchasing goals.

 

The company recently hit a major milestone of attracting one million users. Moving forward, it plans to introduce several new features in 2024 with the goal of bettering its service and attracting even more customers.

 

One such feature includes more credit offerings, while another is in-app bill splitting. Apart from that, the firm also plans to provide its users with access to certain government benefits.

Koho’s Chief Executive Officer, Daniel Eberhard, commented on the success of the recent funding round extension. He said that the company’s goal was to raise some additional capital with only one thing in mind — acceleration of building value for the company’s existing and future users.

He noted that in the current state of the economy, every dollar counts. This is true not only for Canada but for people around the world, given the fact that the global economy is still quite far from making a full recovery from the effects of the COVID-19 pandemic, inflation, various geopolitical events, and more.

However, this is why such a large injection will put Koho in a position to ship faster and push harder for Canadians, as Eberhard said.

Koho notes major progress during challenging market conditions

Koho previously raised C$210 million back in early 2022 with a very similar group of backers. At the time, the company only had half of its current customer count, which shows that it had made quite significant progress in the past 22 months.

The company acknowledged this in a LinkedIn post, noting that 2023 has been “a year to remember,” not only because it reached one million users but also because it managed to launch some of its most successful financial products yet. Among those are flexible credit building, 5% interest, subscription plans to suit all kinds of saving and spending, as well as free credit scores in-app.

About Ali Raza PRO INVESTOR

Ali is a professional journalist with experience in Web3 journalism and marketing. Ali holds a Master's degree in Finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of leading cryptocurrency publications including Capital.com, CryptoSlate, Securities.io, Invezz.com, Business2Community, BeinCrypto, and more.