Canadian Fintech KOHO Secures an $86M Extension Raise For Its Series D Round
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Koho Financial, a leading fintech company based in Canada, has announced securing an additional $86 million in a Series D extension at a valuation of $800 million. This funding round comes amid a significant decline in fresh funding for fintechs.
The extension raise attracted the participation of new and existing investors such as Eldridge Industries, HOOPP, BDC, Drive Capital, and TTV.
Koho Secures Another C$86M Funding
KOHO has set itself apart in the fintech industry because of the success it has achieved so far. The company secured its first funding round in 2021; since then, investors have seen the fintech grow to new heights.
Chris Olsen, a partner at Drive Capital, Chris Olsen, opined that Koho was setting itself apart in the fintech industry by appealing to customers. It was now a preferred solution for startups focused on mobile technologies.
“When we look across the global fintech landscape, it is clear that more and more consumers are choosing newer, mobile-first technology startups that simplify their financial lives. KOHO is emerging as the winner in Canada, and we’re thrilled to continue to support this ambitious team and mission,” Olsen said.
Koho’s Significant Growth
Koho’s growth over the years comes from the company’s focus on an innovative product range. Its offerings include credit building, allowing users to monitor their credit score at no cost, and savings, with an interest rate of 5%.
These services by Koho have seen the platform appeal to a mass audience across Canada seeking access to seamless financial solutions. Besides offering these services, the KOHO subscription plan has also been a game-changer. It offers a subscription model known as KOHO Plans.
The founder and CEO of KOHO, Daniel Eberhard, noted that the goal behind this extension raise is to create value for users. The company wanted to ensure its solutions aligned with the current economic climate. The raise will potentially help the company to achieve this.
KOHO also has big plans for 2024. The platform plans to improve Canadians’ financial well-being using innovative features like high credit offerings, access to government services, and in-app bill splitting.
The KOHO app is also creating a robust and active community of users. The app provides timely information to users while ensuring the KOHO roadmap is public and open for feedback.
