Now Toronto-headquartered KOHO announced today that it has closed a $42 million fundraising round led by Portag3 Ventures, including Greyhound Capital and other strategic investors.

KOHO will use this investment to further accelerate its growth and build new products and services. The announcement comes as the Vancouver-born fintech startup continues to see rapid growth.

In less than two years, KOHO has grown to over 120,000 accounts, moved their HQ to Toronto and released 43 new versions of the app.

With over $500 million in annualized transactions and a KOHO card used every 4 seconds, KOHO has built a current account Canadians love.

“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,” said Daniel Eberhard, Founder and CEO of KOHO.

Co-founded by Eberhard, Jonathan Bixby, Joshua Bixby, and Mike Benna, Koho was seed funded by Stanley Park Ventures in 2014 and was the first startup to emerge from Stanley Park Ventures’ foundry.

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