KOHO has furthered their commitment to equip all Canadians with control over their finances, as the Toronto based Fintech has launched Instant Pay with select partners and users.
Instant Pay allows employees to access a portion of their paycheque on a daily basis. The aim for this new feature is to help revolutionize how Canadians access their wages allowing them to budget for their everyday needs. According to KOHO, this is particularly important for the over 50% of the nation who live paycheque to paycheque, and the many Canadians who resort to predatory payday loans just to cover their necessary expenses like bills and groceries.
“From its inception, KOHO was about making quality financial services more accessible and transparent for Canadians,” KOHO CEO and Founder Daniel Eberhard said in a news release. “The deeper we look into the current offerings of personal finances, the more apparent it is that they’re simply not sufficient. Instant Pay is a simple way to financially empower your employees without causing disruption to your current payroll process. Everyone wins.”
KOHO has already partnered with Ameego to provide Instant Pay nationwide. With this partnership approximately 75,000 employees across companies like Tim Horton’s, Boston Pizza and Moxie’s Grill & Bar, will be able to access on-demand pay.