Drive Capital and National Bank of Canada have invested C$25 million in Canadian neo banking startup Koho.
The new funding is an extension of the startup's earlier $42 million fundraising round led by Portag3 Ventures.
Billed as an alternative to a traditional banking experience, Koho users are furnished with a reloadbale Visa card and and a mobile app which offers real-time insights into money management, instant cashback, round-ups, and automated savings goals.
Operating for two years, the firm lays claim to over $500 million in annualised transactions from its 175.000 user base and a Koho card use every 4 seconds. The company currently has a 40,000-person strong waitlist for Canada’s first prepaid metal cards.