Revenue
About C$250M annual revenue, growing ~50% year over year — Annual revenue (as reported), as of June 2026. Source: BetaKit.
Funding history
| Date | Round | Amount | Valuation | Investors | Source |
|---|---|---|---|---|---|
| Jun 2026 | Series E | C$130M (all equity) | C$1.33B post-money | Leads not disclosed; Mubadala, Savano Capital, Michael Linford, Tobi Lütke, plus existing investors Portage, BDC Capital, HOOPP, Drive Capital, Eldridge | BetaKit |
| Oct 2024 | Equity + credit facility | C$40M equity plus C$150M credit facility | C$800M (flat) | Propelr Growth (lead); Rockefeller Capital, Drive Capital, TTV Capital, BDC | The Logic |
| Dec 2023 | Equity round | Not stated in source | C$800M | TTV Capital (lead) | The Logic |
Investors
Overview
KOHO is a Toronto fintech that offers Canadians a spending account and prepaid card with no monthly fees on its basic plan. Around that sit savings, credit-building, cash advance and budgeting tools. Daniel Eberhard founded it in 2014 and is still CEO. Its stated long-term goal is to become a regulated bank, which would let it hold deposits and lend directly instead of relying on partner institutions.
KOHO's story is a good example of how a fintech can get through a hard funding market. It held its valuation flat for years, mixed debt with small equity raises, kept growing revenue, and eventually raised at a much higher price.
Revenue and growth
When it announced its Series E in June 2026, KOHO was reported to be generating around C$250 million in annual revenue, growing about 50% a year, with roughly 250 employees. That works out to about C$1 million of revenue per employee, which is very efficient for a consumer financial company. See our guide on revenue per employee for how that ratio is used.
The revenue comes from several places typical of neobanks: card interchange fees, paid subscription tiers, interest-related products and lending. Fintechs that lend need balance-sheet capacity as well as equity, which is why credit facilities feature so heavily in KOHO's funding history.
Funding history
December 2023: an all-equity round led by TTV Capital at an C$800 million valuation, the same as in 2021. The CEO admitted publicly that raising in that market was hard and that the valuation hadn't moved.
October 2024: C$40 million of equity led by Propelr Growth, again at C$800 million, together with a C$150 million credit facility to expand customer lending. Rockefeller Capital, Drive Capital, TTV and BDC also took part.
June 2026: a C$130 million all-equity Series E at a C$1.33 billion post-money valuation, which made KOHO Canada's newest unicorn. Mubadala and Savano Capital came in as new investors, along with individuals including Shopify's Tobi Lütke and Affirm's Michael Linford. Existing backers Portage, BDC Capital, HOOPP, Drive Capital and Eldridge also invested.
Lessons from KOHO's path
Founders often read a flat round as failure. KOHO's history suggests otherwise. Holding the valuation steady from 2021 to 2024, while revenue kept growing, meant that by 2026 the numbers comfortably supported a much higher price without a damaging down round in between. Using a credit facility to fund lending, rather than selling more equity, kept dilution low. Our guides to venture debt and bridge rounds cover these trade-offs.
What this means if you're…
Selling to KOHO: a company pursuing a bank licence needs regulatory compliance, risk, security, audit and core banking capability. Those are large, long-term purchases.
A fintech founder: KOHO shows how equity and debt work together in lending businesses, and its investor list includes several active fintech backers in Canada.
An analyst: it's one of the few Canadian neobanks with reported revenue, which makes it a useful comparable.
Sources
Every figure on this page comes from the public sources below. Where sources disagreed, we used the company's own announcement or a primary news report. Private-company data changes; check the date beside each figure.
Frequently asked questions
What is KOHO's valuation?
KOHO was valued at C$1.33 billion (post-money) as of June 2026, according to BetaKit. Private company valuations are set at funding rounds and can change significantly between them.
How much revenue does KOHO make?
KOHO reported About C$250M annual revenue, growing ~50% year over year (annual revenue (as reported)) as of June 2026, according to BetaKit.
Who are KOHO's investors?
Investors named in public announcements include Portage, BDC Capital, Drive Capital, TTV Capital, Propelr Growth, HOOPP, Mubadala, Eldridge, Rockefeller Capital and Savano Capital.
When was KOHO founded and where is it based?
KOHO was founded in 2014 and is headquartered in Toronto, Ontario, Canada.