Canadian fintech firm KOHO Financial has raised $165.56m (C$210m) in a Series D funding round led by Eldridge.
HOOPP, Round13, and BDC also joined the round along with existing investors Drive Capital and TTV Capital.
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The fintech plans to use the funds to accelerate growth, expand new lines of products, and make new hires to increase its team’s size from 250 to 400.
KOHO CEO and founder Daniel Eberhard said: “I think our growth is evidence that Canadians are looking for something different. It takes a combination of exceptional team members, investors and partners to see KOHO’s mission through and we are fortunate to have all three.”
KOHO offers financial services such as full-service spending and savings accounts in partnership with banks and federally regulated financial institutions.
In 2021, KOHO launched several new offerings that include KOHO Cover, Instant Pay, Earn Interest, and Credit Building.
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By GlobalDataEldridge chairman and CEO Todd Boehly said: “We are very excited to partner with KOHO. We have seen the success of these models around the world and KOHO has emerged as a leader in Canada.
“The KOHO team cares deeply about their mission, and we believe they will create tremendous value for the Canadian financial services industry as they continue to deliver better products and user experiences for their customers.”
The fintech claims to have attracted over 500,000 users since closing the extended Series C funding round.
