KOHO, a Canadian fintech that offers spending and savings accounts, raised C$130m (about $95m) at a C$1.33bn valuation, announced on 11 June 2026. BetaKit called it a Series E and reported that the round is entirely primary capital, alongside a relatively small, undisclosed secondary sale for employees. No lead investor was named.
The valuation makes KOHO a unicorn. BetaKit said its previous public valuation was C$800m. Total funding to date is C$507m, KOHO said.
“There's much more work in front of us than behind us.”Daniel Eberhard, co-founder and CEO, KOHO
Who invested
New investors are Mubadala, the Abu Dhabi sovereign investor, Savano Capital of Baltimore, Shopify founder and chief executive Tobi Lütke, and Affirm chief operating officer Michael Linford. Existing investors Portage Ventures, Drive Capital, BDC Capital, HOOPP and Eldridge also took part.
Adam Felesky, co-founder and chief executive of Portage, told BetaKit the round reflects that KOHO continues to build a product that millions of Canadians use to manage their daily financial lives.
The banking licence
KOHO said the financing is the initial capital base for a federally regulated bank and a substantive step toward a Canadian banking licence, which remains subject to ministerial approval. BetaKit reported that KOHO is in the final stages of obtaining a Schedule 1 licence, having begun the pursuit five years ago and first disclosed it in 2024. It noted that Questrade received a similar licence last year after a six-year process.
KOHO says a bank charter would let it cut costs, offer more flexible products and give consumers stronger protections. BetaKit said it would also let KOHO build deposit and lending products and lower its cost of capital. David Merriby, formerly chief compliance officer at Capital One and Amex Bank of Canada, joined in March 2026 as chief compliance and risk officer.
What KOHO does
KOHO was launched in 2014. Founder and chief executive Daniel Eberhard leads the company, which offers spending and savings accounts, credit-building tools, Cover overdraft protection, RoundUps and a recently launched crypto product. BetaKit also listed a prepaid Mastercard, a line of credit, international money transfers and renters insurance, and said KOHO plans to move into telecom.
The company says it has more than 2.5 million customers, up from 1 million in late 2023, and BetaKit reported annual revenue of about C$250m, growing 50% year on year, with about 250 employees. The revenue and headcount figures are BetaKit's, not part of the company's release. BetaKit named Vancouver and Toronto as locations without stating a single headquarters.
What the money is for
KOHO said the capital will fund growth of its core product suite and its pursuit of the banking licence. Eberhard said the company aims to build Canada's next great bank and that Canada's financial system needs to work better for more people. He told BetaKit it is nice validation, adding that there is much more work in front of the company than behind it.
Company website: koho.ca