KOHO, Canada’s leading BANKTECH platform serving more than 2.5 million Canadians, has raised CAD $130 million in a Series F at a CAD $1.33 billion valuation, making it Canada’s latest unicorn. New investors include Mubadala, the Abu Dhabi sovereign wealth fund managing over $385 billion in assets, Savano Capital, Shopify founder and CEO Tobi Lütke, and Affirm COO Michael Linford, alongside existing backers Portage Ventures, Drive Capital, BDC Capital, HOOPP, and Eldridge. The raise provides the initial capital base required by the Office of the Superintendent of Financial Institutions to pursue a Schedule 1 bank licence, the final regulatory threshold of a five-year process. That licence would allow KOHO to hold deposits directly, reduce its cost of capital by 70%, and expand into home loans and other products currently unavailable without a charter. KOHO generates approximately CAD $250 million in annual revenue, growing 50% year-over-year.

KOHO Raises $130 Million at $1.33B Valuation to Fund Growth and Continue Pursuit of Bank License