Koho, a Toronto-based financial technology company, has raised $42 million CAD in the Series B funding round led by Portag3.
The fintech company aims to offer Canadians an alternative to traditional banking. It is growing and recently reached 120,000 accounts, according the company.
“Koho’s mission is to restore balance to Canadians by giving them control over their own finances. This new funding is both validation of what we’ve done and a vote of confidence for the work left to do,” said Daniel Eberhard, founder and CEO of Koho, in a press release.
Koho received $8 million from Portag3 in the Series A round of funding. The company says it is looking forward to continuing the partnership with an investment from Portag3 Ventures LP II.
“The Canadian market is ripe for an alternative banking solution and we believe KOHO’s recent customer adoption is validation for this thesis. Portag3 is in a unique position to further accelerate this growth through our LPs and growing the Canadian fintech ecosystem,” said Adam Felesky, CEO of Portag3 Ventures, a press release.
The fintech company will use this investment to expand and create new products catered to the needs of Canadians.