News Summary

Canadian fintech company KOHO has successfully raised $130 million CAD, achieving a valuation of $1.33 billion. The funds are set to propel its pursuit of a federal banking licence in Canada, aiming to revolutionize the Canadian banking landscape by offering lower costs, more flexible products, and enhanced consumer protections. The round attracted significant investors, including Mubadala, the Abu Dhabi sovereign wealth fund, and notable figures like Shopify founder Tobi Lütke. KOHO, founded by Daniel Eberhard, serves over 2.5 million Canadians with a range of financial products including spending and savings accounts, credit-building tools, and a newly introduced crypto offering. The acquisition of a banking licence would mark a significant milestone, allowing KOHO to operate as a federally regulated bank.