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- KOHO Financial
KOHO Financial Revenue, Valuation, Funding & Investors
KOHO Financial is valued at $961M as of June 2026.
Last KOHO Financial valuation
$961M
Series E · Jun 2026
Last KOHO Financial funding round
$94M
Series E · Jun 2026
KOHO Financial revenue
$100M
Undisclosed stage · Oct 2024
Key investors in KOHO Financial
Drive Capital
Portage Ventures
TTV Capital
BDC Capital
Eldridge Industries
Healthcare of Ontario Pension Plan (HOOPP)
About KOHO Financial
KOHO Financial is a Toronto-headquartered fintech company offering a mobile banking platform launched in 2014. The app provides high-interest savings accounts, prepaid Mastercard, bill payments, direct deposit, and budgeting tools like cash flow forecasts and spending categorization. KOHO Financial partners with Peoples Trust for banking services and targets Canadians seeking fee-free alternatives to traditional banks with features for group expenses and financial goal tracking.
Founded
2014
HQ
Website
Status
Privately held
Customer focus
B2C
Revenue model
Product sales, Subscription
Revenue
$100M (Oct 2024)
Valuation
$961M (Jun 2026)
KOHO Financial Valuation
KOHO Financial is currently valued at $961M, based on its Series E in June 2026.
The $94M round was led by Mubadala, with participation from Portage Ventures, Michael Linford, Tobias Lütke, Healthcare of Ontario Pension Plan (HOOPP), BDC Capital and 3 other investors.
KOHO Financial's valuation has grown 13x from $74M at its Series B in May 2019 to $961M in June 2026, across 7 priced rounds.
KOHO Financial valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Jun 2026 | Series E | $961M | - |
| Oct 2024 | Undisclosed stage | $584M | 5.8x |
| Dec 2023 | Series D | $584M | 8.0x |
| Feb 2022 | Series D | $629M | - |
| Mar 2021 | Series C | $800M | - |
| Nov 2019 | Series B | $63M | - |
| May 2019 | Series B | $74M | - |
KOHO Financial Revenue
KOHO Financial's latest recorded revenue is $100M, as of its undisclosed-stage round in October 2024. At a $584M valuation, that implies a 5.8x revenue multiple.
Revenue grew from $73M in December 2023 to $100M in October 2024, while the revenue multiple moved from 8.0x to 5.8x.
KOHO Financial revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Oct 2024 | $100M | $584M | 5.8x | Undisclosed stage |
| Dec 2023 | $73M | $584M | 8.0x | Series D |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
KOHO Financial Funding History
KOHO Financial has raised a total of $403M across 9 funding rounds, plus 1 secondary share sale.
KOHO Financial's first fundraising round was a $1M seed round in May 2015. The most recent completed round was a $94M Series E in June 2026.
KOHO Financial funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jun 2026 | Series E | Mubadala (lead); Portage Ventures; Michael Linford; Tobias Lütke; Healthcare of Ontario Pension Plan (HOOPP); BDC Capital; Eldridge Industries; Drive Capital; Savano Capital Partners | $94M | $961M | KOHO Financial raised CAD 130 million (approximately USD 93 million) in June 2026 in an all-equity Series F round at a post-money valuation of CAD 1.33 billion (approximately USD 950 million). The round was backed by Mubadala and Savano Capital, with continued participation from Portage Ventures, Drive Capital, BDC Capital, HOOPP, and Eldridge; it also included operator-investors Tobi Lütke and Michael Linford. The financing was intended to strengthen KOHO’s capital base as it seeks a federally regulated Canadian banking licence, and the company said the new funds support its push toward that goal; a small, undisclosed secondary sale for employees also occurred alongside the primary issuance. |
| Oct 2024 | Undisclosed stage | PROPELR Growth (lead); TTV Capital; BDC Capital; Rockefeller Capital Management; Drive Capital | $29M | $584M | KOHO Financial, a Toronto-based Canadian fintech and challenger bank, offers no-fee spending and savings accounts, lending products, rent reporting, tenant insurance, buy-now-pay-later options, and plans for a line of credit in partnership with Propel Holdings. The company secured C$190 million in total funding on October 2, 2024, comprising C$40 million in equity led by PROPELR Growth, with participation from new investor Rockefeller Capital Management and existing investors Drive Capital, TTV Capital, and BDC Capital, plus C$150 million in debt from new and existing partners. This round values KOHO at C$800 million, matching its 2021 valuation, and supports growth, lending book expansion, new product development, and pursuit of a Schedule 1 bank license. KOHO's CEO Daniel Eberhard noted the company could have pursued profitability with existing capital but opted for this injection to accelerate growth and lending, bolstering its bank license application. PROPELR Growth, an investor since early 2022, praised KOHO's execution on ambitious plans and innovation in helping Canadians save and improve financial security; Managing Partner Sanjiv Samant will join the board. The funding follows a CAD$86 million Series D extension at the end of 2023 and a CAD$210 million raise in February 2022. KOHO recently announced product expansions including upcoming launches and a line of credit offering powered by Propel Holdings' Fora Credit platform, with loans from $1,000 to $15,000. The company emphasizes user trust while scaling its offerings as a fintech leader in Canada. |
| Dec 2023 | Series D | TTV Capital; Portage Ventures; Round13 Capital; Healthcare of Ontario Pension Plan (HOOPP); Eldridge Industries; Business Development Bank of Canada; Drive Capital | $64M | $584M | KOHO Financial is a Toronto-based fintech founded in 2014 that offers a full-service spending and savings account with a Mastercard prepaid card, cash back on purchases, high-interest savings at 5%, credit building tools, free credit score checks, insurance via Cover, and subscription plans called KOHO Plans. It partners with Peoples Trust and other regulated banks to deliver products aimed at simplifying personal finances, enabling smart spending, and boosting savings for Canadians, positioning itself as a challenger to the Big Five banks with over one million users by December 2023. On December 7, 2023, KOHO announced an $86 million CAD (approximately $63 million USD) all-primary, all-equity extension to its Series D funding round, maintaining its approximately $800 million CAD post-money valuation from 2021 despite market downturns affecting other fintechs. The round included new and existing investors such as Business Development Bank of Canada (BDC), Drive Capital, Eldridge Industries, Healthcare of Ontario Pension Plan (HOOPP), Portage Ventures, Round13 Capital, and TTV Capital. This funding bucks the trend of valuation markdowns, with CEO Daniel Eberhard highlighting the team's execution and product traction including doubled year-over-year revenue to a $100 million run rate, hundreds of millions on its loan book, and over 100,000 users for its credit builder product. The capital is earmarked to accelerate product innovation, achieve 'default alive' status (profitable with current assets without further investment), and target overall profitability in 2024, alongside features like expanded credit offerings, in-app bill splitting, and government benefits access. KOHO also maintains a strong B2B business, powering products like Wealthsimple Cash cards. Drive Capital's Chris Olsen noted KOHO's emergence as a leader among Canadian challenger banks amid a shift to mobile-first fintechs. The company continues scaling with a public feature roadmap open for user feedback. |
| Feb 2022 | Series D | Eldridge Industries (lead); TTV Capital; Portage Ventures; Round13 Capital; Healthcare of Ontario Pension Plan (HOOPP); Business Development Bank of Canada; Drive Capital | $118M | $629M | KOHO Financial Inc. is a Toronto-based fintech company founded in 2014, offering a full-service spending and savings account with a Mastercard prepaid card, along with insurance and credit-building products through its mobile app. The company aims to democratize access to wealth creation and financial security for Canadians. On February 1, 2022, KOHO closed a C$210 million Series D funding round, led by Eldridge Industries, with participation from existing investors Drive Capital and TTV Capital, plus new investors HOOPP, Round13 Capital, and BDC (Business Development Bank of Canada). This was described as one of Canada's largest fintech funding rounds at the time. Since its Series C extension in 2021, KOHO's customer base had surpassed 500,000 users by early 2022. Eldridge's Chairman and CEO Todd Boehly highlighted KOHO's leadership in Canada's fintech space and its potential to deliver better products and user experiences. In December 2023, KOHO raised an additional C$86 million ($63 million USD) in a Series D extension from the same group of investors including TTV Capital, BDC Capital, Drive Capital, Eldridge, HOOPP, Portage Ventures, and Round13 Capital, at an unchanged valuation of $589 million USD (C$800 million). By then, KOHO had surpassed one million users. A later Series E round occurred in October 2024 with $29.66 million from PROPELR Growth, BDC Capital, Drive Capital, Rockefeller Capital Management, and TTV Capital, and a debt facility of $111.23 million. |
| Feb 2022 | Secondary | - | $8M | - | KOHO Financial is a Canadian fintech company founded in 2014 that offers a full-service spending and savings account with a Mastercard prepaid card, insurance, and credit-building products through its app, partnering with Peoples Trust to hold funds. On February 1, 2022, KOHO closed a C$210 million ($165 million USD) Series D funding round led by Eldridge, with participation from Drive Capital, TTV Capital, HOOPP, Round13 Capital, and BDC. Since its Series C extension in 2021, the company had surpassed 500,000 users and planned to expand products, accelerate growth, and increase headcount from 250 to 400. A later Series D extension in December 2023 raised $63 million (CAD 86 million) at a $589 million (CAD 800 million) valuation, described as unchanged from prior rounds. |
| Mar 2021 | Series C | TTV Capital (lead); Portage Ventures; BDC Capital; Drive Capital | $40M | $800M | KOHO Financial is a Canadian fintech company founded in 2014 to disrupt Canada's Big Five Banks with mobile-first financial services, including credit building, free credit score checks, high-yield savings at 5%, insurance via Cover, and subscription plans. The company offers innovative features like in-app bill splitting and access to government benefits. In December 2023, KOHO raised an additional C$86 million (approximately $63-86 million USD) in a Series D extension from investors including BDC Capital, Drive Capital, Eldridge Industries, HOOPP, Portage Ventures, Round13 Capital, and TTV Capital, at an $800 million valuation, which multiple sources confirm was flat from its 2021 funding round. This bucked trends of valuation markdowns in fintech, with CEO Daniel Eberhard noting few peers protected their 2021 valuations amid 50-70% declines. The extension positioned KOHO as 'default alive,' meaning profitable with current assets without further investment, targeting growth and profitability in 2024. Earlier in 2021, following a $210 million Series D, KOHO had established this $800 million near-unicorn valuation. Traction includes surpassing one million users by late 2023. |
| Nov 2019 | Series B | Drive Capital (lead); NAventures | $19M | $63M | KOHO Financial is a Toronto-based fintech company offering a mobile banking app with a Visa or Mastercard prepaid card, real-time spending insights, automatic savings features like transaction rounding, and tools for financial education and control. The company, founded in 2014, targets Canadians seeking simplified personal finance management, partnering with banks like Peoples Trust for fund holding. On November 28 or 29, 2019, KOHO raised $25 million in a funding round led by Drive Capital, with participation from National Bank of Canada's NAventures, described as a Series B extension following an earlier Series B led by Portag3 Ventures in 2019 totaling around $42 million. At the time, KOHO had been operating for about 2.5 years, acquiring 175,000 users with a 40,000-person waitlist, indicating early traction in the alternative banking space. Drive Capital partner Chris Olsen highlighted KOHO as exemplifying mobile-first fintechs simplifying financial lives amid shifting consumer preferences. This round preceded larger raises, including a $70 million CAD Series C in March 2021 estimated at $250-300 million post-money valuation involving TTV Capital, Drive Capital, and Portag3 Ventures. |
| May 2019 | Series B | Portage Ventures (lead); Greyhound Capital | $31M | $74M | KOHO Financial, a Canadian fintech providing an alternative to traditional banking with a current account app, closed a $42 million Series B funding round on May 15, 2019, led by Portag3 Ventures (also called Portage Ventures) with participation from Greyhound Capital and other strategic investors. This followed their $8 million Series A from Portag3. The company had grown to over 120,000 accounts in under two years, released 43 app versions, moved HQ to Toronto, and reported over $500 million in annualized transactions with a KOHO card used every four seconds, alongside a Net Promoter Score of 80 and 4.8/5 App Store rating. Funds were earmarked to accelerate growth and develop new products aligned with Canadian needs. Portag3 CEO Adam Felesky highlighted the ripe Canadian market for alternative banking and KOHO's customer adoption, positioning Portag3 to support further expansion via its LPs and the fintech ecosystem. KOHO CEO Daniel Eberhard noted the funding as validation and confidence in their mission to restore financial control to Canadians. Later rounds included a December 2023 valuation of $588.88M and total funding over $488M across 13 rounds, with Portage as a continuing investor in subsequent financings like Series D. |
| Sep 2017 | Series A | Portage Ventures (lead) | $7M | - | KOHO Financial, a Vancouver-based fintech startup launched in March 2017, raised $8 million in a funding round from Portag3 Ventures around September 2017. The company provides a finance management platform with a single app and reloadable prepaid Visa card offering real-time spending insights, cashback, round-ups, and automated savings. Backed by founders of Hootsuite and Shopify in prior funding, KOHO positioned itself as an alternative to traditional Canadian banking. |
| May 2015 | Seed | Joseph Canavan; HIGHLINEvc; Stanley Park Ventures; Ferst Capital Partners; Hedgewood; Ontario Centres of Excellence | $1M | - | - |
Who has invested in KOHO Financial?
22 investors have backed KOHO Financial across its funding rounds, including Drive Capital, Portage Ventures, TTV Capital, BDC Capital, Eldridge Industries and Healthcare of Ontario Pension Plan (HOOPP).
Lead investors include Mubadala, PROPELR Growth, Eldridge Industries, TTV Capital, Drive Capital and 1 other investor.
KOHO Financial Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 6 | Lead | Sep 2017 | ||
| 6 | Lead | Nov 2019 | ||
| 4 | Lead | Mar 2021 | ||
| 3 | Participant | Feb 2022 | ||
| 3 | Participant | Mar 2021 | ||
| 3 | Lead | Feb 2022 | ||
| 2 | Participant | Feb 2022 | ||
| 2 | Participant | Feb 2022 | ||
| 1 | Participant | Nov 2019 | ||
| 1 | Participant | May 2015 | ||
| 1 | Participant | May 2015 | ||
| 1 | Participant | Jun 2026 | ||
| 1 | Participant | Jun 2026 | ||
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Start Free TrialKOHO Financial Competitors
KOHO Financial competitors include listed companies like 74Software and Freee, and private ones like Taxfix, Vivid, Clear and FPL Technologies.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | $64M | - | $1B | 15.6x | ||
| Private | - | - | $886M | - | ||
| Private | $25M | - | $700M | 28.0x | ||
| Private | $58M | - | $1.4B | 24.0x | ||
| Publicly listed | $814M | $112M | $1.3B | 1.8x | ||
| Publicly listed | $214M | $6M | $1.5B | 4.8x |
KOHO Financial Public Comps
KOHO Financial is still privately-owned, but its public comps include Superbank Indonesia, Forbright Bank, Agibank, Wema Bank, Fujian Boss Software, Judo Bank, Green Dot, Bank Jago, PicPay and 74Software.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $89M | - | 10.8x | - | - | - | |||
| $325M | - | 2.9x | - | - | - | |||
| $1.3B | $227M | 0.8x | 0.6x | 4.4x | 5.3x | |||
| $312M | - | 2.8x | - | - | - | |||
| $299M | $40M | 2.8x | 2.9x | 21.1x | 21.0x | |||
| $368M | - | 2.2x | 2.1x | - | - | |||
| $2.1B | ($12M) | 0.4x | 0.3x | (63.9x) | 4.2x | |||
| $145M | - | 5.1x | 3.7x | - | - | |||
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Common questions about KOHO Financial
| When was KOHO Financial founded? | KOHO Financial was founded in 2014. |
| Where is KOHO Financial headquartered? | KOHO Financial is headquartered in Toronto, Canada. |
| Is KOHO Financial publicly listed? | No, KOHO Financial is a private, VC-backed company. |
| What is KOHO Financial's valuation? | KOHO Financial was last valued at $961M in its Series E in June 2026. |
| How much funding has KOHO Financial raised? | KOHO Financial has raised $403M across 9 funding rounds. |
| What was KOHO Financial's last funding round? | KOHO Financial's last funding round was a $94M Series E in June 2026, led by Mubadala. |
| Who are KOHO Financial's investors? | KOHO Financial's investors include Portage Ventures, Drive Capital, TTV Capital, Healthcare of Ontario Pension Plan (HOOPP), BDC Capital, Eldridge Industries, Round13 Capital, Business Development Bank of Canada, NAventures, Joseph Canavan and 12 others. |
| What is KOHO Financial's revenue? | KOHO Financial's latest recorded revenue is $100M (October 2024). |
| What is KOHO Financial's revenue multiple? | KOHO Financial's latest valuation implies a 5.8x revenue multiple ($584M valuation on $100M of revenue). |
| Which companies are comparable to KOHO Financial? | Companies comparable to KOHO Financial include Taxfix, Vivid, Clear, FPL Technologies, 74Software and Freee. |
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