KOHO Secures $190M to Accelerate Growth and Banking Aspirations
KOHO Secures $190 Million for Strategic Growth
KOHO has made headlines recently by announcing a significant capital round worth $190 million, with a split of $40 million in equity and $150 million in debt. This funding is set to pave the way for aggressive growth strategies, expanding KOHO's lending capabilities, and developing innovative financial products. It also bolsters their ambition to achieve a Schedule 1 bank license, a vital step in their evolution as a fintech leader.
Details of the Funding Round
The latest funding round was spearheaded by PROPELR Growth, a returning investor, and welcomed new participation from Rockefeller Capital. Established partners such as Drive Capital, TTV, and BDC also joined in. This collaborative financial effort showcases confidence in KOHO's future, as they look to extend their credit offerings in partnership with both new and existing collaborators.
CEO Insights on Future Aspirations
Reflecting on this pivotal moment, KOHO's CEO, Daniel Eberhard, exclaimed, “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.” His enthusiasm underscores the opportunity that the new capital brings, enabling the launch of exciting products like rent reporting and buy-now pay later solutions, thus enhancing user experience and satisfaction.
KOHO's Commitment to Innovation
KOHO's approach to innovation and customer satisfaction is unwavering. They remain transparent with their development roadmap, teasing a lineup of cutting-edge products that will be introduced to users. Daniel's leadership, coupled with the support from dedicated investors, places KOHO on a path that not only focuses on marketing more financial tools but also deeply cares for the customer experience.
Investor Confidence in KOHO
Investors like PROPELR Growth Fund have been involved with KOHO since early 2022. Their Managing Partner, Sanjiv Samant, expressed how impressed they've been with KOHO’s ambition and execution in creating innovative products that enhance the financial security of Canadians. The confidence behind increasing their investment further emphasizes KOHO’s commitment to becoming a leading agent in the financial technology space.
Leadership and Future Directions
As KOHO steps boldly into the future, they will benefit from Sanjiv Samant joining its Board of Directors as part of the financing arrangement. His expertise will undoubtedly influence strategies aimed at scaling operations and developing new financial solutions.
About KOHO and Their Mission
Founded in 2014, KOHO stands as a fintech innovator dedicated to transforming the financial landscape for Canadians. Their offering includes a versatile Mastercard for spending as well as tools designed for users to earn, borrow, build credit, and budget. Driven by a mission to empower Canadians financially, KOHO has made significant strides since its inception, positively impacting the lives of over one million users.
Frequently Asked Questions
What will the $190 million funding be used for?
The funding will support growth strategies, expand KOHO’s lending products, and aid in their quest for a Schedule 1 bank license.
Who are KOHO's major investors?
The funding round was led by PROPELR Growth and involved new investors including Rockefeller Capital, along with existing supporters like Drive Capital, TTV, and BDC.
How does KOHO plan to enhance user experience?
KOHO plans to introduce new innovative products while focusing on enhancing lending services and other features like rent reporting and buy-now pay later options.
What is KOHO’s main goal as a fintech company?
KOHO aims to empower Canadians financially and enhance their ability to manage money effectively through innovative tools and services.
When was KOHO founded?
KOHO was founded in 2014 and has continued to grow its user base and financial offerings since then.
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