KOHO Financial, the rapidly growing Canadian challenger bank, announced in March it has closed a $70 million oversubscribed Series C funding round. The round was led by new investor TTV Capital, with renewed commitments from existing investors Drive Capital and Portag3 Ventures.
According to KOHO, the capital injection will allow KOHO to “continue its bold mission to change the traditional banking landscape and normalize accessible, simplified and transparent banking services for everyone.”
“The landscape of financial services is changing rapidly in the digital age. As a result, individuals need a more modern banking product,” says Gardiner Garrard, Co-founder and Managing Partner of TTV Capital. “KOHO’s customer focused team has built a low cost, simple to use digital app that provides today’s sophisticated financial consumer with the solution they deserve.”
Since KOHO’s Series B extension round at the beginning of 2019, KOHO has nearly doubled its customer base to more than 350,000 users and its team has doubled in size to over 150 employees. Notable new additions include a new CMO, Alexandru Otrezov (previously ran search and experimentation at Uber), a new CTO, Jonathan Klein (former Director of Engineering at Wayfair), and a new CFO, Felix Wu (former COO at PC Bank).
“Consumers today have high expectations for the banking experience. They’re looking to challenger banks to provide an elegant, mobile-first solution. Canadians are already turning to KOHO for their financial services and we expect this to accelerate going forward,” stated Drive Capital Partner, Chris Olsen.