Koho Launches Mobile Banking for Millennials Across Canada
A Fresh Take on Personal Finance Management
While most peer-to-peer payment and personal finance services focus on the U.S. market, Koho is breaking the mold with its launch across Canada (excluding Quebec). This innovative mobile banking platform aims to simplify financial management for millennials by combining the best features of Mint.com, Venmo, and Digit—all in one app.
Key Features of Koho
- Free Banking Services: No hidden fees for users, with revenue generated through merchant and banking partnerships.
- Prepaid Visa Card: Issued by Peoples Trust Company, accepted anywhere Visa is used.
- Automated Savings: Koho helps users save money automatically.
- Real-Time Tracking: All transactions are recorded within the app for better financial discipline.
How Koho Stands Out
Koho eliminates the need for multiple finance apps by consolidating budgeting, payments, and savings into a single platform. Users can load funds onto their prepaid Visa card, track spending, and even set aside savings—all with transparency and ease.
Revenue Model
Koho generates income through:
- Merchant Fees: A percentage of interchange fees from Visa transactions.
- Banking Partnerships: Revenue from currency exchange and out-of-network fees.
Importantly, none of these costs are passed on to customers, making Koho a truly free service for users.
Behind the Scenes: Development and Funding
After over two years of development and beta testing, Koho has officially launched with strong backing:
- \(1.95M (CAD \)2.6M) in Funding: Backed by founders of Hootsuite and Shopify, Power Corporation of Canada, and other notable investors.
- Successful Beta Phase: Over 10,000 users transacted $1.3M during testing.
“The response during the private beta was amazing,” said Daniel Eberhard, Koho’s CEO. “Koho is used in a fundamentally different way than traditional banking offerings.”
What’s Next for Koho?
- Mobile Wallet Support: Plans to integrate Apple Pay by late Q2, with Samsung Pay and Android Pay to follow.
- Android App Launch: Coming next quarter (currently available on iPhone).
Koho’s arrival marks a significant shift in Canada’s fintech landscape, offering millennials a smarter way to manage their money—without the hassle of traditional banking.
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