KOHO Diversifies Product Lineup with Launch of International Money Transfers

Toronto’s KOHO has launched an International Money Transfer feature as the Canadian fintech continues to diversify its offerings.

One-fifth of Canadians send money outside the country, a number set to rise as immigration increases Canada’s population from abroad.

“So many Canadians work so hard to send money back home only to have 3-5% of it taken by fees,” laments Daniel Eberhard, founder and chief executive officer of KOHO, which he says can add up to thousands of dollars over time.

Eberhard says KOHO’s International Money Transfer supports more than 190 countries and is the lowest costing option in Canada. It’s also fast.

“During our beta we saw users send money to more than 65 countries and almost all of the transfers arrived in less than 30 minutes,” Eberhard noted. “Remitting money is a primary use case for millions and we wanted to build the best remittance product in the country.”

The Vancouver-born company, founded in 2014, last year launched a Metal Card. Made from titanium and stainless steel, the card combines a premium design with practical benefits and is available to anyone enrolled in KOHO’s Everything plan.

The Everything plan offers users benefits such as 5% interest on balances, 2% cash back on groceries, dining, and transportation, and up to 5% extra cash back at select merchants. Unlike traditional metal cards, KOHO’s Metal Card does not require a credit score or high income, making it a more inclusive option for consumers.

This launch followed KOHO’s 2024 $190 million funding round toward helping the company move closer to obtaining a Schedule 1 bank license. The round was led by PROPELR Growth alongside Rockefeller Capital with participation from Drive Capital, TTV, and BDC.