KOHO offers a mobile-first spending account and a prepaid Visa for Canadians. The service provides fee-light basics, automatic cashback and savings tools, and operates as an alternative to traditional banks.
Key features of KOHO
Product overview
The KOHO Card
KOHO issues a prepaid Visa that is accepted where Visa is accepted. A virtual card can be activated in-app instantly, and a physical card is mailed to Canadian addresses. The card supports contactless payments and links directly to the KOHO account; spending, cashback and balances update in real time.
App-based account management
The KOHO app provides real-time transaction alerts, spending breakdowns, RoundUp micro-savings and Savings Pods. The app includes budgeting tools and cashback posting features. Premium members have access to additional rewards and features within the app.
Offerings
Our Take
Key facts
- No-fee core account; account setup and virtual card activation are performed in-app.
- Automatic cashback; reward details are shown in the app.
- Mobile app with automated savings features.
- Instant virtual card activation for online purchases.
Limitations and risks
- Not a full-service bank—limited traditional banking services
- Canada-only availability
- Some advanced features require a paid premium plan