Toronto-headquartered KOHO announced today that it has closed a C$210 million Series D funding round led by Greenwich, Connecticut’s Eldridge and including additional 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.”
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. With this capital infusion, the Company plans to accelerate growth, expand into new product verticals, and increase the company’s headcount from 250 to 400.
“We’re very excited to partner with KOHO. We’ve seen the success of these models around the world and KOHO has emerged as a leader in Canada,” said Todd Boehly, Chairman and CEO of Eldridge. “The KOHO team cares deeply about their mission, and we believe they will create tremendous value for the Canadian financial services industry as they continue to deliver better products and user experiences for their customers.”
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.”
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