Koho

What it does

KOHO is a Canadian financial technology company that offers a comprehensive mobile banking app. It provides a prepaid Mastercard with up to 2% cash back on everyday spending, high-interest savings accounts earning up to 3.5% interest, credit-building tools, cash advances (Cover) up to $250, and Pay Later installment plans. The app also includes features like free credit score monitoring, crypto trading (with fees as low as 0.5% on the Everything plan), eSIM, travel insurance, tenant insurance, and bill splitting. KOHO operates on a subscription model with three tiers: Essential ($0/month), Extra ($12/month), and Everything ($14.75/month), each offering increasing benefits.

Who it is for

KOHO is designed for Canadians looking for an all-in-one financial app that combines everyday banking with savings, credit building, and borrowing. It appeals to individuals who want to earn cash back on purchases, grow savings with competitive interest rates, and access short-term credit without traditional bank fees. The app is particularly suited for those who prefer a digital-first banking experience and want to manage their finances, from spending to investing, in one place. With over 2 million customers and a 4.8 App Store rating, it targets a broad consumer base, including those new to credit or seeking alternatives to big banks.

Why it matters

KOHO matters because it challenges traditional Canadian banking by offering higher interest rates on savings (up to 3.5% vs. near-zero at big banks), cash back on spending, and accessible credit-building tools—all without monthly fees on the basic plan. Its recent $130 million CAD Series E funding and unicorn valuation ($1.33 billion) signal strong market confidence. The company is also pursuing a federal banking licence, which could further disrupt the Canadian banking landscape. For consumers, KOHO provides a transparent, app-based alternative that simplifies financial management and rewards everyday transactions.

Launch signal

KOHO was founded in 2014 by Daniel Eberhard and launched its prepaid card in 2015. It has since grown to over 2 million users and raised significant funding, including a $130 million CAD Series E round in 2024, achieving unicorn status. The company is actively seeking a federal banking licence, which would allow it to offer more traditional banking services. These milestones indicate a mature startup with strong traction and ambitious growth plans.

Brand and naming

The name "KOHO" is short, memorable, and phonetically simple, making it easy to recall and type. It does not directly describe the product, which allows the brand to expand beyond banking into broader financial services. The tagline "One place for your money and life" positions KOHO as a lifestyle hub rather than just a bank. The brand emphasizes empowerment and progress, with messaging like "making money progress" and "save more, stress less." The visual identity is modern and clean, appealing to a younger, tech-savvy audience. Overall, KOHO positions itself as a friendly, accessible alternative to traditional banks, leveraging a challenger brand ethos.