Banking services startup Koho raises CAD 70 million

Canada-based Koho has secured CAD 70 million in Series C financing, which put its post-money valuation at around CAD 300 million.

The startup raised the capital from TTV Capital, Drive Capital, and Portag3 Ventures as it aims to increase the utility and adoption of its alternative financial service offerings. The CAD 70 million is all primary capital, CAD 50 million of which is equity and CAD 20 million venture debt.

The round also included secondary undisclosed financing on top of the CAD 70. The funding will act as fuel to reach the objective of macro adoption of the company’s financial service offerings.

In addition to a spending account, Koho recently launched a savings account and a credit building product, giving it the core services consumers expect to see from a traditional financial institution. Koho and other fintech players have been pushing for changes to Open Banking and the country’s upcoming real-time payments system.