KOHO: Overcome Regulatory Challenges

KOHO Counts on Trulioo to Provide a Compliant Mobile Customer Onboarding Experience

KOHO, a Canadian fintech company, relies on robust identity verification with bank-grade compliance capabilities as it facilitates large volumes of transactions with customers and entities across the country.

The company, which has a mission to help consumers simplify the day-to-day management of their finances, must meet the regulatory requirements of the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). The requirements include stringent Know Your Customer and Anti-Money Laundering obligations, so every customer KOHO onboards must undergo thorough identity verification.

“We are operating in a heavily regulated space, and with the ever-changing regulatory updates on obligations, it adds an additional layer of complexity to the business,” said Daniel Eberhard, KOHO CEO and founder. “Compliance is something that we take very seriously at KOHO, and we cannot afford to get it wrong. It could make or break our business.”

The constant, evolving threat of money laundering and fraud has made it critical for financial services companies to implement ironclad solutions that mitigate risk during onboarding. Trulioo delivered the answer for KOHO with regulation-specific workflows, real-time analytics and access to a broad range of data sources.

KOHO provides financial services entirely on mobile devices and strives to perfect its digital onboarding process. The company wanted a solution that could navigate compliance due diligence, easily integrate with its current onboarding process and keep friction to a minimum for customers. 

The company prides itself on being nimble and fast and providing exceptional customer onboarding experiences. KOHO wanted a partner with similar forward-thinking, innovative values.

“Trulioo allows us to meet our compliance with ease while providing a seamless customer onboarding experience,” Eberhard said.

KOHO carefully evaluated other solutions on the market but chose Trulioo for its cost effectiveness, scalability and easy integration. 

“With Trulioo, we have completely taken out the mental and manual work needed to perform our due diligence,” Eberhard said. “Our company has high standards when it comes to the customer onboarding process. Because we are the first point of contact for our customers, it is mission critical that we get it right.”

With Trulioo identity verification, KOHO removed the customer pain point of lengthy onboarding.

“For a process that typically takes days at a bank to open an account, with identity documents after documents required to be submitted in person, in branch,” Eberhard said, “to a process where our customer can sign up and be a KOHO customer in under three minutes on their mobile phone is a major win for us.”

Should KOHO expand beyond Canada, Eberhard said, Trulioo can help the company scale quickly with strong international data sources and expertise in local regulatory models. 

“When we are ready to go international,” he said, “we can take Trulioo with us.”

About KOHO

Toronto-based KOHO Financial Inc. is a personal finance startup that offers a modern way for all Canadians to manage their personal finances. CEO Daniel Eberhard founded KOHO in 2014 with the vision of giving Canadians an alternative to traditional banking services.