KOHO, a fintech startup that offers Canadians an alternative to traditional banking, announced on Wednesday the launch of its new cashback program. This news comes just weeks after Koho successfully secured $42 million through its Series B funding round. As previously reported, Koho stated with an app and reloadable cards, it is offering a new approach to spending and saving. The company explained:
Koho reported that its Premium also boasts no foreign exchange fees, a slick vertical card design, free financial coaching in the app, higher balance limits, and price-matching to help users find the best deals possible, even after purchase.
“For $9 a month or a discounted $84 a year, users who adopt Premium can buy their groceries at any store they want (and aren’t limited by big chain retailers). They also earn on transportation from Uber, to gas stations, to transit. What’s more, users can happily order that extra appetizer or food delivery knowing they’re earning instant cashback on all eating and drinking. For all purchases outside of those three categories, users will earn 0.5% cashback. All they need to spend per month to make the Premium upgrade more than pay for itself is $600.”
Daniel Eberhard, Founder and CEO of Koho, further shared:
“Just like the company itself, Premium is an evolving offering that will continue to provide more value for KOHO users as they adopt it. We’re constantly adapting our products to fit the lives of Canadians, to add value and help contribute to a more financially balanced future.”
Koho went on to add that it is offering a free 30 day trial of Premium so that users can see for themselves if the program is the right fit for them. The original Koho offering with its 0.5% cashback and app will always remain free. Premium is just the beginning, with many more exciting launches coming from KOHO later this summer, including the arrival of metal cards with a waitlist already thousands long.