Koho, the Online Canadian Bank for Millennials, Raises $1M Seed Round

One of the long-term effects of the 2008/09 global financial crisis is that it has ushered in a wave of savings versus credit-based economy within much of the world. For many, the evolvement away from credit is the result of tighter fists by banks, limiting to whom they lend. For others, it is a life choice to decrease their dependence on financial firms and limit purchases to what they can afford.

One sector benefitting from this trend are online and mobile banks. Offering simple banking features as well as no physical branches, these online banks provide customers with more affordable banking services. In replace of opening accounts in branches and check deposits, are mobile sign ups and direct deposits from employers and online bill paying. Replacing physical banking with a digital world also avails these firms in providing customers additional resources for monitoring their accounts online.

Among online banks aiming to carve out a niche with millennials is Canadian Koho. Different than actual banks, Koho is in essence a sophisticated pre-paid credit card. Users receive the card and then are provided the ability to fund it through direct deposits to their account or via e-transfers. Client funds are held with a partner credit union, with Koho receiving revenues as a percentage of merchant charges on Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term using the card.

Providing solutions tailored for millennials, users can monitor their spending on the Koho mobile app or online site. In addition, they can enter saving goals or filter that will notify them when they are spending too much.

Yet to launch, Koho recently announced that it has received $1 million in a seed Funding Round Funding Round Startups look to raise capital can participate in a funding round. These refers to the various rounds of funding that occur upon proof of concept, customer base growth, and the probability of success. While they are various types of funding rounds, the most commonly seen in startups include the following funding rounds: Seed, Series A Fundraising, Series B Fundraising, and Series C Fundraising. In order for a funding round to take place, a valuation must be performed by analysts for the business Startups look to raise capital can participate in a funding round. These refers to the various rounds of funding that occur upon proof of concept, customer base growth, and the probability of success. While they are various types of funding rounds, the most commonly seen in startups include the following funding rounds: Seed, Series A Fundraising, Series B Fundraising, and Series C Fundraising. In order for a funding round to take place, a valuation must be performed by analysts for the business Read this Term. Led by Ferst Capital, Hedgewood, and Stanley Park Ventures, the funding was double the figure Koho was aiming to raise. The funds will assist Koho in completing to build their product as they approach their planned Q3 2015 launch date.