KOHO

Canada-based KOHO offers banking services to individuals via a web portal and a mobile app. The company provides its products in partnership with Peoples Trust.

The company enables customers to set up checking accounts offered under three tiers, with fixed interest rate of 1.2% on all deposits, which include both spending and savings accounts and does not charge monthly account fees. The app also provides instant cashback rewards of up to 2% on groceries, food, and transportation and 0.5% on all purchases made via a customer’s KOHO account. The app provides automated savings options, through which the app automatically rounds up purchases made via its card and saves it. In addition, the app enables users to set specific savings goals for specific purposes and track progress made toward achieving these goals. Additionally, the app provides Personal Finance Management (PFM) tools that help users track and plan their spending habits.

Moreover, the company also provides a credit building facility to its customers which it launched in February 2021, priced at CAD 7 per month, to help customers improve their credit scores. The company does this by providing a line of credit to its customers and directly taking back a proportion of this every month. Following this, the company reports it as repayment to credit bureaus on a monthly basis. KOHO also offers a rent reporting feature within its app, which helps customers improve their credit scores.

Key customers and partnerships

As of December 2023, the company served over a million users.

In August 2024, KOHO partnered with tenant insurance to its customers in partnership with Walnut Insurance.