Canadian fintech company Koho has raised $42m in a Series B fundraising round.

The latest round was led by Portag3 Ventures, the venture capital arm of Sagard Holdings. Greyhound Capital and other strategic investors of the company also participated in the round.

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Koho funding round: Details

The fintech company plans to utilise the new funding to support its growth, and develop new products and services.

Koho founder and CEO Daniel Eberhard said: “Koho’s mission is to restore balance to Canadians by giving them control over their own finances.

“This new funding is both validation of what we’ve done and a vote of confidence for the work left to do.”

In its Series-A funding round, the company raised $8m, also from Portag3.

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Headquartered in Toronto, Koho focuses on offering its Canadian customers an alternative to the traditional banking experience.

The fintech’s offerings include a reloadable Visa card and an integrated app through which it provides real-time insights on finances. It also provides instant cashback, round-ups, automated savings goals to its customers to improve their financial balance.

Currently, Koho supports more than 120,000 accounts with over $500m in annualised transactions.

Portag3 Ventures CEO Adam Felesky said: “The Canadian market is ripe for an alternative banking solution and we believe KOHO’s recent customer adoption is validation for this thesis.

“Portag3 is in a unique position to further accelerate this growth through our LPs and growing the Canadian fintech ecosystem.”