What is KOHO?
KOHO provides Canadians with a comprehensive financial management platform through a prepaid Mastercard that offers up to 2% cash back on everyday spending. Users can grow their savings with interest rates up to 3.5% on their balance, access tools to build their credit history, and utilize borrowing features like cash advances and Pay Later options for unexpected expenses or larger purchases.
The app integrates various life management features including rent reporting, travel insurance, eSIM services, bill splitting, and instant e-transfers. With security measures like 256-bit encryption and CDIC protection for funds, KOHO aims to deliver a secure and user-friendly banking alternative that helps people save more, spend smarter, and achieve their financial goals.
Features
- Prepaid Mastercard: Earn up to 2% cash back on everyday spending categories
- High-Interest Savings: Grow savings with up to 3.5% interest on account balances
- Credit Building Tools: Access free credit scores and credit history improvement features
- Flexible Borrowing: Get cash advances up to $250 and Pay Later installment options
- Life Management Features: Includes rent reporting, travel insurance, eSIM, and bill splitting
Use Cases
- Earning cash back rewards on daily purchases
- Building credit history without traditional credit cards
- Saving money with high-interest account options
- Accessing quick cash advances for unexpected expenses
- Managing rent payments and improving rental history
- Booking travel with flexible payment options
- Splitting bills and sending money to friends and family
