Canada-based mobile banking platform developer Koho has received C$42m ($31.2m) in a series B round led by Portag3 Ventures, the financial technology investment firm formed by diversified conglomerate Power Corporation.
Portag3 was joined by investors including growth equity firm Greyhound Capital, and sources told Betakit the round valued the company at more $100m.
Koho operates a digital bank that lets consumers open and manage current accounts through a mobile app, paying for goods and services using a connected Visa debit card. The app also offers users tools such as budget controls and daily targets to help manage spending.
More than 120,000 accounts have been set up through Koho, and the series B proceeds will be used to build new products and services within the platform.
Portag3 Ventures had previously invested $8m strategic investment in Koho in September 2017, six months after it secured $2m from investors including Power Corporation subsidiary Power Financial Corporation, Stanley Park Ventures and angel investors including David Tedman and Gil Penchina.
Ferst Capital, Hedgewood, Highline, Stanley Park Ventures and various angel investors had supplied $1m in funding for the company in 2015, before Power Financial Corporation added an undisclosed sum the following year.