CPE News (3/11/2021) – KOHO Financial has disclosed the closing of $50 million Series C and $20 million debt financing.
The Series C, which closed in November 2020, was led by new investor, TTV Capital, with participation of existing investors Drive Capital and Portag3 Ventures.
With the closing of the new financing, Portag3 Ventures saw its stake reduced from the majority shareholder to the largest minority shareholder with two out of five board members. Michael Katchen, CEO of Wealthsimple (majority owned by Sagard Holdings/Power Financial and affiliated entities), has resigned from the board.
Kelly Ruoff, Chief Brand Officer at Root Inc., joined KOHO board with founder Daniel Eberhard, two representatives from Portag3 and one from Drive Capital.
Toronto and Vancouver based KOHO Financial offers a full-service account with no hidden fees. The account comes with a prepaid Visa card that earns cash back on every purchase, a competitive savings account and an integrated app that helps users spend smart and save more.
photo credit: KOHO