Koho, a technology-driven banking platform, announced this morning that they have closed a $1 million financing round.
Koho’s investors are a mix of Canadian angels and funds, and includes Joe Canavan, Ferst Capital, Hedgewood, Highline and Stanley Park Ventures.
Alpha launching in Q3 of this year, Koho’s mission is to offer Canadian’s, specifically millennials, access to low-cost, highly functional banking accounts.
Koho works by partnering with a federal financial institution to offer customers a banking card, web app and mobile app.
In addition to all the standard banking functions Koho users won’t pay monthly fees, can see where and how they are spending their money, set automatic savings goals, receive push notifications, share expenses with friends, set daily budgets and more.
Founded by a team of proven entrepreneurs, Koho has been on a rapid growth curve since announcing its vision late last year.
“It’s really simple,” says Koho’s CEO Daniel Eberhard. “Canadians pay some of the highest bank fees in the world to some of the most profitable banks in the world. It’s a situation that is compounded because it’s often those with the least assets that pay the highest fees. We don’t think that is right.”
Koho was named one of the 20 hottest startups in Canada, is advised by Gil Penchina (early investor to LinkedIn, Paypal, Angelist, Wealthfront), and recently won the Nasdaq NY Techday award for fintech innovation.