TORONTO--(BUSINESS WIRE)--Today KOHO announced that it has secured $190M in additional capital, $40M of which is equity and $150M in debt. The new capital injection will fund growth, the expansion of KOHO’s lending book and new innovative products, and continued progress towards a Schedule 1 bank license. The round was led by returning investor, PROPELR Growth, joined by new investor Rockefeller Capital and included existing investors Drive Capital, TTV, and BDC. The credit extension is in partnership with new and existing partners.
“We’re more excited than ever at KOHO. We had the choice of profitability with our existing capital but this injection allows us to grow faster and expand our lending business, both of which support our bank license application” said CEO, Daniel Eberhard. “This is going to let us keep building and scaling wonderful products like rent reporting, tenant insurance, buy-now pay later and more. We remain incredibly humbled by the trust of our team, our investors and most importantly, our users. Onwards.”
KOHO remains public with its future product roadmap which includes a loaded launch schedule of exciting new products coming soon.
“PROPELR Growth Fund has been invested in KOHO since early 2022 and we have had a front row seat to see Daniel and his team execute well on a very ambitious growth plan. We've been very impressed with KOHO's ability to innovate and create a breadth of products to help Canadians save money and improve their financial security. We're delighted to significantly increase our investment in the Company to help accelerate the next phase of growth as a Canadian fintech leader." said Sanjiv Samant, Managing Partner of PROPELR Growth. As part of the financing, Sanjiv will join the KOHO Board of Directors.
Hear more from KOHO Chief Banking Officer, Peter Aceto, on KOHO’s quest to become Canada’s newest bank.
About KOHO
KOHO is a fintech company equipped with a Mastercard for spending and tools for KOHO users to earn and borrow money, build credit, and budget. The company was founded in 2014 with a powerful mission, born from a genuine desire to help people and an ambition to financially empower a generation of Canadians. In the ten years since its launch, KOHO has built a product people love, and has touched the lives of more than one million users.
