Toronto-headquartered KOHO has closed a $210 million Series D funding round led Eldridge and including investments by HOOPP, Round13, and BDC.
“I think our growth is evidence that Canadians are looking for something different,” said Daniel Eberhard, CEO and Founder of KOHO.
“It takes a combination of exceptional team members, investors and partners to see KOHO’s mission through and we’re fortunate to have all three.”
With this capital infusion, the fintech darling plans to accelerate growth, expand into new product verticals, and increase the company’s headcount from 250 to 400.
Eberhard told the Globe and Mail that he plans to hire an additional 150 people, which includes expanding his engineering team by 50 per cent.
KOHO’s growth reflects the rising consumer demand for alternative ways to manage money.
With 53% of Canadians currently living paycheque to paycheque, KOHO is meeting Canadian’s need for affordable, customer-centric and intuitive financial products and services. In the last year, the Company has launched KOHO Cover, Instant Pay, Earn Interest, and Credit Building.
Since completing its Series C extension financing round in 2021, the Company’s customer base has surpassed 500,000 users.
Eberhard continued, “We’re passionate about our mission and that has resonated with Canadians. Democratizing access to wealth creation means giving people financial security to spend more time with family, own a home, or save for tuition for their grandkids. That’s a wonderful thing to be a part of.”