After two years of development, including a four-month beta period, Koho has launched a new mobile app targeted at Millennials that serves as a hub for personal finances.
The platform will launch initially in Canada, which has just 35 million people yet generated a staggering $28 billion in banking fees for 2016.
“Canadians pay some of the highest banking fees in the world,” says Koho. “[We have] eliminated many of the fees associated with traditional banking, potentially saving billions per year for consumers in the future.”
The startup says new accounts are free and take less than three minutes to create. Koho’s aim is to unify multiple experiences we currently get from standalone apps such as Venmo and Mint and combine them into a single platform.
During beta, 10,000 Canadians transacted a combined $1.3 million. But these metrics don’t capture Koho’s superior engagement, according to CEO Daniel Eberhard.
“Koho is used in a fundamentally different way than traditional offerings,” he says.