KOHO announced this month that it is among Canada’s first financial technology firms to become an officially registered Payment Service Provider under the country’s Retail Payment Activities Act.
Under the Bank of Canada, KOHO now operates within a nationally recognized framework designed to safeguard user funds, manage operational risks, and ensure ongoing compliance.
The RPAA framework will render KOHO’s services more stable and reliable than ever, with accountability all the way up to the fintech’s board of directors, according to founder and chief executive officer Daniel Eberhard.
“We are incredibly proud to be one of the first registered Payment Service Providers in Canada,” Eberhard stated.
The entrepreneur commented that the confirmation marks “a pivotal moment in our journey at KOHO and for the broader fintech industry.”
The milestone represents a “major step forward,” according to a statement from the challenger bank, setting the stage for “a new era of accountability in Canada’s quickly evolving financial technology landscape.”
“We’ve always put the safety of our users’ money first,” Eberhard remarked, “and this registration is the strongest possible testament to the robust tools we’ve built to protect our users and strengthen trust in Canada’s financial system.”
Earlier this year, KOHO launched an International Money Transfer feature.
The Vancouver-born company, founded in 2014, also launched a Metal Card, a move which followed KOHO’s 2024 $190 million funding round.
And last month, KOHO was recognized by Deloitte Canada’s 2025 Technology Fast 50 program, which celebrates the country’s fastest-growing technology innovators.
The Canadian fintech ranked second in the “Enterprise—Industry Leader” category with three-year revenue growth north of 500%.
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