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About
KOHO started in 2014 with a blunt observation from founder and CEO Daniel Eberhard: Canada's five big banks are among the most profitable in the world, Canadians pay some of the highest account fees anywhere, and the people with the least pay the most. KOHO's answer is a full-featured spending and savings account delivered through an app and a reloadable prepaid Mastercard — deposits sit with a regulated partner institution while KOHO builds the product layer on top: interest on balances, cash back, automatic round-up savings, credit building, and interest-free cash advances. Founded in Vancouver and headquartered in Toronto since 2017, KOHO has grown past 2.5 million users as of mid-2026. It has been working with OSFI on a federal Schedule 1 bank licence since 2021, entered Phase 2 of the review in 2024, and closed a $130M round in June 2026 that Eberhard called "the last piece of the puzzle" for the application. If approved — ministerial sign-off is still required — KOHO would be Canada's first new Schedule 1 bank in decades.
Backers
June 2026 round led by Mubadala Investment Co. and Savano Capital Partners, with Shopify CEO Tobi Lütke and Affirm COO Michael Linford joining as new investors; existing backers include Portage Ventures, Drive Capital, BDC Capital, Healthcare of Ontario Pension Plan (HOOPP), Eldridge, PROPELR Growth (led the 2024 round), and Rockefeller Capital.
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Quick answers
Is KOHO a bank?
Not yet. Deposits sit with a regulated partner institution while KOHO runs the app, card, and product layer. It has been in OSFI's federal bank-licence process since 2021, reached Phase 2 of the review in 2024, and as of mid-2026 is in the late stages — approval still requires the Minister of Finance's sign-off.
What do you actually get with a KOHO account?
A no-fee spending and savings account with a reloadable prepaid Mastercard: interest on your balance, cash back on purchases, automatic round-up savings, credit-building options like rent reporting, and Cover, an interest-free cash advance. Paid plan tiers add higher earn rates and extra features.
How is KOHO funded?
Roughly a decade of venture backing: a $52M Series B by early 2020 ($42M led by Portag3 plus an extension), an $86M Series D extension at an $800M valuation in late 2023, $190M in equity and debt led by PROPELR Growth in 2024, and $130M in June 2026 at a $1.33B valuation — about $507M CAD raised to date, making KOHO one of Canada's fintech unicorns.