Today they announced that they have reached a milestone in the long application process that could make it Canada’s first fintech startup to secure a banking licence.
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.
KOHO also announced that Peter Aceto will be joining the leadership team to lead KOHO’s efforts to obtain a bank license. Peter 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.