Koho Close to Securing Banking Licence

Hey Digital Banking Fanatic!

Toronto-based FinTech firm KOHO Financial is on the verge of a major milestone in its bid to become Canada's 'next great bank,' according to CEO Daniel Eberhard.

KOHO first announced its plans to obtain a banking licence in 2024, later raising $190 million CAD in equity and debt to support the effort. The company requires a Schedule 1 banking licence to operate as a full-fledged bank in Canada.

Like many FinTech firms, Koho has to rely on third-party partnerships with regulated players like Peoples Trust to deliver its financial products until it gets its own licence.

This news came 5 months after Koho became one of the first Canadian FinTechs officially registered as a Payment Service Provider with the Bank of Canada.

“In China, these are called ‘super apps,’” Daniel Eberhard, Koho CEO, said. “We just look at it from the lens of, like, why would we only limit ourselves to offering you financial products?” 

Explore the latest digital banking moves below. 👇 Catch you in Monday's edition!

Cheers,

Marcel

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NEWS

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