KOHO
Canada's leading prepaid neobank; credit building.
- Who holds it
- A sponsor bank behind the brand — not the app you signed up with — Pursuing Schedule 1 bank license.
- The ledger
- Split between a program manager and the sponsor bank — the modular setup that broke in Synapse.
- If it fails
- Any claim runs through the sponsor bank, and only works if the two ledgers reconcile.
Derived from KOHO’s regulation type and custody — a class of protection, not a guarantee. Limits and eligibility vary by scheme, balance and jurisdiction; confirm before you rely on it. What happens if a neobank shuts down →
The facts
| Category | traditional |
| HQ | Toronto, CA |
| Founded | 2014 |
| Custody | Custodial |
| Regulation type | License pending (partner model today) |
| License detail | Pursuing Schedule 1 bank license |
| Card | MC · Prepaid |
| Cashback | Up to 2% |
| Yield | Up to ~4% interest |
| Stablecoins | No |
| KYC | Yes |
| Active regions | North America |
| Countries | Canada |
| Founders | Daniel Eberhard |
| Funding | ~C$400M raised |
Verified links: official site ↗ · terms ↗ · @KOHOfinancial ↗
Common questions about KOHO
What is KOHO?
KOHO is a fiat neobank, headquartered in Toronto, CA and founded in 2014. Your money is held custodially, so KOHO or its partner bank holds the balance and you hold a claim on it. Its license is pending, so it runs on a partner-bank model today (Pursuing Schedule 1 bank license).
Does KOHO have a card, and where can you use it?
It issues a Mastercard prepaid card. It is available in North America.
Does KOHO require KYC?
Yes. KOHO requires identity verification (KYC) to open an account, as a license pending (partner model today).
What does KOHO cost?
From the verified fields: cashback Up to 2%; yield Up to ~4% interest. Cashback and yield are "up to" figures that change constantly and often depend on a paid plan — confirm current terms with KOHO before relying on them.
Early investors
Peers
Chime · Wise · Varo · Current · SoFi · Ally Bank
KOHO appears in
Neobanks available in North America (126) · Neobanks that issue a Mastercard (150) · Neobanks in Canada (6)
Figures compiled from public sources, for comparison only — not financial advice. "Up to" rates change constantly; always confirm with the issuer. Spotted an error? Suggest a fix.