Koho (fintech)
KOHO Financial Inc. (styled as KOHO) is a Canadian fintech company based in Toronto. While it is not a bank, the company provides banking services in partnership with Peoples Trust through a mobile app and prepaid Visa card. History. KOHO was founded in 2014 and went into beta in 2015, offering its services through their mobile app. The service's launch was announced for 2016 but was pushed back to 2017. The company partnered with Peoples Trust and Visa for its banking services with the company providing all of the APIs and User Interfaces. Funds deposited into a  KOHO card are not insured by the Canada Deposit Insurance Corporation, and will be returned to account holders by Peoples Trust in the event KOHO fails. In 2019, KOHO was able to secure $25 million in second round funding after successful growth and accumulating 120,000 accounts in Canada. In 2020, amid the COVID-19 pandemic, KOHO partnered with the CRA to allow their users to receive their emergency funds directly into their KOHO accounts. Overview. KOHO earns its revenue from the interchange whenever their card is used in a transaction. Besides allowing basic chequing services, the card also allows users  to budget their money and set limits on what they can spend. Since its launch, KOHO has expanded to include cash back on their debit card, offers different accounts like joint accounts on their cards, and offering credit.