Koho raises $8 mln from Portag3 Ventures, opens Toronto HQ

Vancouver financial services platform Koho has raised $8 million in additional financing from Portag3 Ventures, a fund launched last year by Canada's Power Financial Corp. With the round, Paul Desmarais III, senior vice president of Power Financial, Adam Felesky, president of Portag3, and Michael Katchen, co-founder and CEO of Wealthsimple, joined the board. Launched this year by CEO Daniel Eberhard, Koho provides Canadians with a no-fee, mobile alternative for managing daily spending and saving, and gaining insights into personal finances. It will use the funds raised to scale the platform and expand its engineering and operations team at a new Toronto headquarters.

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