Canadian fintech startup Koho has signed agreements with financial services providers Visa, Peoples Trust Company and Galileo Processing to launch its no-fee banking service in January 2016.
The service will enable users to transfer money from a Peoples Trust to their Koho card, which function just like a debit card, but is processed by a credit card company, avoiding fees in the process.
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The service, which will specifically target millennials customers, will offer branded Visa prepaid cards issued by Peoples Trust Company, with Galileo providing transaction processing services.
Koho said it will offer automatic goal savings, daily budgets, and spending insights through their app.
Koho CEO Daniel Eberhard said: "With Visa, Peoples Trust Company and Galileo, I really feel like we’ve put together a world class team. All three organizations have demonstrated a real commitment to our vision; making banking simpler, more affordable and more transparent."
"We think Canadian consumers need to raise their expectations," Eberhard added. "We don’t care what your financial goals are, we just want to help you get there."
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