KOHO, a quickly scaling FinTech company that offers Canadians an alternative to their traditional banking experience, announced the launch of its first credit building product, KOHO Credit Building.
KOHO, a CPPO member, continues to disrupt the personal finance space and has added this product to offer “a simple and affordable solution that helps users take control of their credit narrative” for $7 a month. The credit building product reports all activity to TransUnion, one of the two major reporting bureaus in Canada. The product allows for a small line of credit to be issued and reported monthly, generating a positive credit history.
“Historically, the options for building credit are expensive, murky or both, especially for middle-class Canadians,” said KOHO’s CEO Daniel Eberhard. “We think our approach to credit building is a new form factor. It’s simple, affordable and transparent. We’re really proud of it.”
KOHO has gotten attention in the media recently for changes to its executive and senior leadership team in order to “scale its growth and become Canada’s foremost challenger bank.” This latest product offering builds on KOHO’s mission to provide full-service, no-hidden-fee platform. Every KOHO account also comes with a prepaid VISA card that allows clients to earn cash back on every purchase — along with an integrated app.