Innovations in Identity

Koho_Fintech_Vancouver

Koho: Providing a secure, simple, mobile and free financial life.

Koho_Fintech_Vancouver

 

Tired of paying a fee for every little thing you do with your credit card and debit card? Sick of big financial institutions charging you hidden fees that just don’t make sense? Meet Koho, a Fintech in Vancouver who offers a prepaid card solution — without all the exorbitant charges. Part of Koho’s philosophy is to charge as few fees as possible; they don’t believe in profiting from fees and confusion. As a matter of fact, they’re working to end fees once and for all.

Another core value at Koho is security and trust. That’s why they work with reliable partners, Visa and Peoples Trust. The money loaded onto your Visa prepaid card is held at a regulated federal financial institution while Visa’s Zero Liability Protection provides extra security against fraudulent use.

Koho’s app is simple and easy to use, while offering a variety of functions to better help you manage your financial life. You can transfer money, set up goals for savings, and automate bills right from your phone. Most recently, they have added a new categories feature which helps you get a clearer idea of where your spending is going.

 

 

We interviewed Koho’s CEO, Daniel Eberhard, to learn more about their goals, thoughts on the current regulatory environment, and Canada.

Trulioo: What is the biggest problem that you are trying to help users solve?

Daniel: We’re solving two problems. Banks make a lot of money from fees, a lot of which are confusing or difficult to understand. For example, to access ‘No-fee’ banking at most of Canada’s banks, you typically need $3-5K dollars. That’s actually just not an option for more than 60% of millennials. Those who have the least are paying the most in bank fees. We don’t think that’s right. Everybody should have access to the best financial tools.

Secondly, we use technology to remove the stress, uncertainty and frustration from managing our financial lives.

Trulioo: If you had a magic wand that could update regulations, what would you change?

Daniel: I actually don’t think the regulations are unfair. If I could fix anything it would be more transparency in terms of what regulators are doing and how they are making decisions.

Trulioo: This last one is a two-part questions. We’re proudly Canadian and love that Koho is the same. You are currently only servicing Canada — any particular reason why? Do you have any plans to expand into other regions in the future and if so, where would you say is Koho’s biggest opportunity?

Daniel: We’re 100% focused on Canada right not but we’re definitely interested in other countries. Canada really needs this. A lot of Canadians aren’t aware of this but Canadians pay some of the highest bank fees in the world. Being online, lean and technically driven, our cost structure is a lot better than a lot of the existing options. There are massive populations with growing financial needs and most banks can’t figure out how to work with them. We think our infrastructure makes a lot of sense in those situations.

To get the latest updates from Koho, follow them on Twitter, Facebook and LinkedIn! If there’s a fintech company you’d like to see featured in our Fintechs in Vancouver blog series, please submit your request to social@trulioo.com.

 

Check out some other Fintechs we’ve also featured on our series!

 

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NetCents is a spunky financial services company offering a suite of products leveraging traditional capital markets infrastructure and blockchain technology. NetCents helps their users pay, their way. With the NetCents app, you can move, purchase, transfer, withdraw funds and even buy or sell Bitcoins — all in one place.

 

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FrontFundr: Investing for Everyone

If crowdfunding and venture capital ever had a child, it would probably be something like this startup. FrontFundr is an investment platform that taps into a much larger investor community consisting of seasoned investors and the wider public versus your traditional startup investors, like angels, venture capital firms and wealthy individuals.

 

Fintech in Vancouver Grow Kevin Sandhu

 Fintech in Vancouver: Grow Aims to Reinvent Banking

Need a quick and easy loan at affordable rates? Grow is here to help you with just that. Located at the very heart of downtown, Grow is a new generation of finance that gives Canadians a better way to borrow by leveraging the power of technology.

 

 

Disclaimer: Trulioo provides no warranty that the information contained in this document is accurate, up to date or complete and in no circumstance does such information constitute legal advice. Any person who intends to rely upon or use the information contained herein in any way is solely responsible for independently verifying the information and obtaining independent expert advice if required.

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