KOHO Financial is on a mission to make financial products that are transparent and intuitive.
At the core of their offering is a full-service spending and savings account with no hidden fees that gives cash back on every purchase, and an integrated app that helps users spend smart and save more.
The Canadian fintech partners with a variety of banks and federally regulated financial institutions to deliver their products but they may be changing soon.
KOHO announced last week that they have advanced into the next phase of securing their own banking license in Canada.
This strategic move is part of the company’s core mission to democratize access to the best financial products and marks a significant milestone in KOHO’s eight year journey.
“If we want to build the best products in the country, we need the best infrastructure in the country. This is a crucial next step in that journey,” says KOHO CEO, Daniel Eberhard.
To spearhead KOHO’s efforts to obtain a bank license, Peter Aceto is joining KOHO’s leadership team. Aceto spent nine years as the CEO of Tangerine Bank (formerly ING Direct) from its early formation through to its acquisition.
“I have always admired the business that KOHO has built and the success they have achieved. I am excited to join the team, help them obtain a Canadian banking license, and contribute to their mission of providing transparent, innovative customer first financial products to everyday Canadians,” says Peter Aceto.
Entering phase two of applying for a banking license will bring KOHO closer to its mission, highlighting the company’s steadfast commitment to financially empowering Canadians while providing them with the tools they need to succeed.
Late last year KOHO announced that it successfully raised a Series D venture capital round at an $800 million valuation and had surpassed one million users.
With their own banking licence on the horizon, KOHO will continue to innovate with features such as increased credit offerings, in-app bill splitting, and access to government benefits.
KOHO is actively hiring and will be participating in the Techtalent.ca Job Fair on February 7th in Toronto. They’re hiring for roles across their Platform Engineering, Marketing, and Risk & Compliance teams.