KOHO, a Canadian financial technology company, has formally registered as a Payment Service Provider (PSP) under the Retail Payment Activities Act (RPAA), making it one of the first fintechs in Canada to be recognized by the Bank of Canada in the initial wave of PSP registrations.
The registration underscores KOHO’s commitment to the security, trust, and transparency of customer funds. Operating under the Bank of Canada’s oversight, KOHO now functions within a nationally recognized framework designed to protect user funds, manage operational risks, and ensure ongoing accountability and reporting compliance.
This process required substantial investment in personnel, procedures, and technology, which has reinforced KOHO’s foundation for sustained growth. Operating within the RPAA framework is intended to enhance the stability and reliability of KOHO’s services, with clear accountability extending to its board of directors.
Daniel Eberhard, founder and CEO of KOHO, stated, “We are incredibly proud to be one of the first registered Payment Service Providers in Canada, marking a pivotal moment in our journey at KOHO and for the broader fintech industry. We’ve always put the safety of our users’ money first, and this registration is the strongest possible testament to the robust tools we’ve built to protect our users and strengthen trust in Canada’s financial system.”
This achievement represents a significant advancement, signaling a new era of accountability within Canada’s rapidly developing financial technology sector. By proactively adopting federal oversight from the Bank of Canada, KOHO aims to contribute to shaping the future of regulated, responsible, and consumer-focused financial innovation in the country.
Founded in 2014, KOHO is a financial technology company in Canada that offers a money management app. Through its platform, users can access spending and savings accounts without hidden fees, alongside features such as Cover (overdraft protection), Credit Building, and RoundUps. Headquartered in Toronto, KOHO serves users across Canada, aiming to support financial management and empowerment.
