As Cost of Living Rises in Canada, KOHO Simplifies Shared Money Management

KOHO today announced the launch of Joint accounts.

The Canadian fintech stated that the launch responds to a growing demand for smarter tools to manage money, “particularly among younger Canadians navigating affordability pressures.”

KOHO’s insights into money management trends are highlighted in the firm’s recent Canadian Shared Finances Report.

Developed in partnership with Angus Reid, the Canadian Shared Finances Report found that 66% of Canadians believe shared finances are important, but only 42% currently have a joint account with their spouse or partner.

“We know Canadians believe in sharing finances, but many haven’t had the tools to do it easily,” suggests Daniel Eberhard, founder and chief executive officer of KOHO.

Unlike typical joint accounts, Eberhard says KOHO turns everyday spending like groceries and utilities into savings opportunities with 2% Cash Back on essentials, up to 3.5% interest on balances, and built-in budgeting tools.

These saving and budgeting abilities are important to many Canadians, with 38% of KOHO users saying expenses having increased in the past year.

“With KOHO’s Joint account, we want to make managing shared expenses and savings goals as smart and simple as possible,” Eberhard said. “As the cost of living goes up, joint accounts are helping people cover groceries and rent, as well as allowing them to pay bills, save for emergencies, or plan for the future.”

Earlier this year, KOHO launched an International Money Transfer feature.

The Vancouver-born company, founded in 2014, last year launched a Metal Card, which followed KOHO’s 2024 $190 million funding round led by PROPELR Growth alongside Rockefeller Capital with participation from Drive Capital, TTV, and BDC.