Skip Navigation
News & Ideas

Looking Forward: Meet a Challenger Bank

Daniel Eberhard is the CEO of KOHO, a Canadian 'Challenger Bank'.

Daniel Eberhard is the CEO of KOHO, a Canadian company offering a range of low-cost banking services. KOHO falls into the ‘Challenger bank’ category, meaning their goal is to provide similar services to a traditional bank, but with lower fees and unique services. “We offer people all the things in a bank traditionally does” explains Eberhard. “Bill payments, ATMs, e-transfers, all that good stuff. And then we do a bunch of things that a bank doesn’t do that are mostly optimized for helping people save money.”

Koho provides customers of a prepaid, reloadable Visa-backed debit card and an mobile app that gives users tools and suggestions to manage their spending and help them achieve their financial goals.

As you might expect from a 32-year old, Eberhard has strong opinions about the status quo in Canadian banking. “I’ve always kind of been good with numbers” says Eberhard “and I think that I leaned into the banking space early. A lot of things about the Canadian banking infrastructure bothered me. I think Canadian bank fees are way too high. I think it’s too complex for a lot of people. I think that the products that are sold are often not in the best interest of consumers.”

“Early in the process of understanding if I wanted to start this company, I asked 10 of my friends for their bank statements. And my brother had given me his, and he had paid $85 in bank fees in three months – and he didn’t know that he had. And so that just struck me as fundamentally wrong, and KOHO was my answer to that.”

Want to learn more about our work in Fintech?

Read our Coinsquare case study
KOHO Financial
  • Headquarters: Toronto
  • Founded: 2014
  • Employees: 50-100
  • Funding to date: $10M
  • Key Investors: Power Financial, Portag3 Ventures
Sign up for Nexus Newsletter
Each month Nexus will bring insights and perspectives from TWGers, partners and industry trendsetters.

We have a lot going on! Stay up to date.