Mobile Bank Koho Set to Launch in Canada

A new mobile online bank called Koho is ready to launch in Canada early next year as part of the wave of financial technology startups disrupting traditional banks.

Like many other fintech startups, Koho has backing from many established companies with market position in the financial services industry. The online bank will provide many of the same services that a traditional bank might have, but without many of the added fees or costs.

Koho will accept direct-deposits, although the company itself will not hold the funds. Instead, the funds will be held by chartered financial institutions that have partnerships with Koho. The mobile bank will also offer other daily banking services such as bill payments, money transfers and online cheques.

The startup is also offering a debit card service that has a built in budgeting tool, which has been tailored for a younger audience. Like other emerging financial services companies, Koho hopes to provide financial services for the younger up-and-coming millennial generation, which overwhelmingly wants more innovative and technology based services. The bank will change a fee for using the debit card.

Koho has received backing from several major players, including Visa and People’s Trust Co. Both of these companies will allow clients to withdraw cash from ATMs through the DC Bank network.

The startup also received backing from many notable figures, including Gil Penchina, who has invested with other companies such as LinkedIn and PayPal. The online bank is set to launch on January 15^th and has already received many waitlisted clients who are ready to receive service.