In the wake of the gradual shift from physical to virtual interactions, the global internet-only banking industry has also seen tremendous growth in recent years. KOHO financial is part of this growing trend, they are a financial solution and payment platform built to help Canadians with managing their finances.
Apart from typical savings and budgeting common with money-management apps, KOHO customers enjoy a suite of financial services that help to build better credit, spending habits and insurance. As part of this, its product appeals especially to the majority of the paycheck-to-paycheck demographic.
KOHO's impressive growth and suite of products also appeal to investors who have backed it with one of the highest levels of funding in the Canadian fintech sector. However, this hasn't completely insulated it from the turbulence in the global economy, which led to KOHO restructuring in early 2023. With 2024 debt funding now secured, it is now focused on growth, aiming to further extend its lead in the Canadian market and achieve a Schedule 1 bank licence.
Steph
Company Specialist at Welcome to the Jungle
