Canadian challenger bank Koho Financial has raised $70m in an oversubscribed Series C funding round led by new investor TTV Capital.
Existing investors Drive Capital and Portag3 Ventures also participated in the round.
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The fintech firm plans to utilise the proceeds to fuel growth as it seeks to normalise accessible, simplified and transparent banking services for everyone.
TTV Capital co-founder and managing partner Gardiner Garrard said: “The landscape of financial services is changing rapidly in the digital age. As a result, individuals need a more modern banking product.
“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.”
Koho CEO Daniel Eberhard said: “We’re thrilled to welcome these outstanding new partners and to have our existing investors double down on Koho.
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By GlobalData“Their support will fuel our next phase of growth as we build our client base and further expand our services. 2020 was a challenging year for most and has only accelerated our conviction that Koho can help Canadians.”
The latest fundraising comes nearly two years after Koho secured $42m in Series B.
According to the company, Koho has doubled its customer base to more than 350,000 users since the Series B extension round in 2019.
Currently, it employs around 150 employees.
Koho offers a full-service chequing account with a reloadable prepaid Visa card and an app.
