Canadian fintech KOHO Financial has closed a C$210 million Series D funding round, which will help it expand into new product verticals and increase headcount.
The round was led by Greenwich, Connecticut-headquartered Eldridge, with renewed commitments from existing investors Drive Capital and TTV Capital and additional investments made by HOOPP, Round13 and BDC.
KOHO provides a full-service spending and savings account, offering cash back on every purchase, and has an integrated app that helps users with saving and budgeting.
Over the past year, KOHO has launched several products, including KOHO Cover, ‘instant pay’ and ‘credit building’.
The fintech said it plans to use the latest capital injection to accelerate its growth, taking the headcount from 250 to 400.
Daniel Eberhard, CEO and Founder of KOHO, said: “I think our growth is evidence that Canadians are looking for something different.
“It takes a combination of exceptional team members, investors and partners to see KOHO’s mission through and we’re fortunate to have all three.”
KOHO completed a Series C extension financing round in 2021 and, since then, has seen its customer base exceed 500,000 users.
Eberhard added: “Democratising access to wealth creation means giving people financial security to spend more time with family, own a home, or save for tuition for their grandkids. That’s a wonderful thing to be a part of.”