Koho Financial closes second round of funding, rolls out beta

Canadian spending and saving app Koho Financial has closed its second round of funding within the space of 12 months.

The round was led by power Financial Corporation with participation from a number angel investors.

It featured Shopify and Hello Ventures co-founder Scott Lake, Hootsuite co-founder David Tedman, former Horizons CEO Adam Felesky, and Rashay Jethalal, the former Director of Global Banking at CIBC.

Koho was founded in 2014 by Daniel Eberhard and Stanley Park Ventures’ Joshua Bixby, Jonathan Bixby, and Mike Benna.

Through its mobile application and Visa prepaid card, Koho offers direct deposit, bill pay, ATMs, and transfers, as well as its own unique features, such as real-time updates, automated budgets and savings, personalized goals, and card blocking.

Its private beta, which was recently released for early testing and feedback, will roll out to the remaining waitlist of more than 7,000 Canadians over the coming months.

The company, which closed an initial seed round of $1m last June, plans on using the additional funds to continue improving its product, onboarding its waitlist, hiring, and expanding new features based on the feedback.

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