Koho lands $165m Series D funding

In a Series D fundraising round, Canadian fintech Koho Financial raised $165 million (CAD 210 million). Eldridge led the round, which included previous investors Drive Capital and TTV Capital, as well as new investments from HOOPP, Round13, and BDC.

The investment is one of Canada’s largest fintech investing rounds, according to the firm. The company claims to have achieved 500,000 users since completing its Series C expansion round in March 2021.

Koho CEO and founder Daniel Eberhard says: “I think our growth is evidence that Canadians are looking for something different.”

The Toronto-based fintech platform, which was founded in 2014, offers a no-fee savings account, as well as insurance and credit-building products, all of which it claims are geared to meet the requirements of Canadians living paycheck to paycheck. Peoples Trust Company issues a prepaid Visa card for each of its accounts.