KOHO and Mastercard Collaborate to Offer New Product to Canadians

TORONTO, July 14, 2022 (GLOBE NEWSWIRE) -- To meet the changing consumer demand for fast, flexible and more convenient payments, KOHO Financial Inc. (KOHO or the "Company"), announced today that it has partnered with Mastercard to offer improved services and an all-around better customer experience to its clients. With one simple mission: to find better financial solutions for all Canadians, this new partnership will help KOHO get one step further to reaching that goal. The partnership, just announced today, will mean an improved service for their users, with payments that are fast, flexible and more convenient, and offer an all-round better customer experience.

The KOHO Mastercard is designed to provide better financial solutions to meet the everyday spending needs of Canadians. With all the same features KOHO customers are used to, including no fees, high interest rates, and cash back, a Credit Building feature, and smart ways for users to make the most of their money, there's a ton of reasons why over 650,000 Canadians have already signed up to KOHO, and the new KOHO Mastercard is another one to add to the list. The KOHO card will now be more widely accepted across more than 24 million locations in over 210 countries. The KOHO Mastercard can be used by cardholders everywhere that Mastercard is accepted. 

"Our goal for KOHO is simple: we want to make the lives of Canadians easier by giving them better ways to spend and manage their money," said Daniel Eberhard, CEO and Founder of KOHO Financial Inc. "Our partnership with Mastercard will help us hugely along that journey, by providing a new and improved solution to spending that will still offer all the same benefits our customers have grown to know and love."

The KOHO Mastercard includes lots of features that will make managing finances even more seamless for their users ? with benefits like:

• No hidden fees, and no surprises: With no fees, no interest, and no sign up charges, having a KOHO Mastercard is a cost effective way for Canadians to own a prepaid credit card. 
• Cash back rewards: Cardholders can earn 0.5% cash back every time they spend with their card, and up to an extra 6% when they spend at certain merchants, so spending always means saving too. 
• Personalized card choices: The new card has a sleek vertical design to reflect how users usually handle their cards when using them to pay. They're available in four different colours too, so users can choose the one that suits their style best. 
• More from Mastercard: From culinary lessons to museum visits, KOHO users will be able to access Mastercard Priceless® Experiences through Priceless.com, as well as having Mastercard's Zero Liability Protection against unauthorized or fraudulent charges.

"Canadians have diverse needs and expectations about their experiences with brands, especially now with our lives being more digital than ever," said Sasha Krstic, President, Mastercard in Canada. "We're thrilled to partner with KOHO to offer a solution that meets and exceeds the growing needs of Canadians to use their money where or how they want."

KOHO's product roadmap is always evolving to meet the changing everyday financial needs of Canadians. Since 2020 the company has launched simple and affordable products that always put the users at the forefront and help to democratize access to wealth creation, like:

• Cover: An overdraft feature that gives users a buffer for everyday spending. 
• Instant Pay: Users can access their pay daily, rather than bi-weekly.
• Earn Interest: A KOHO spending & savings account can earn 1.2% interest.
• Credit Building: Users can build their credit history by paying a $7 monthly subscription. 

The KOHO Mastercard is available now. For more information, please visit https://www.koho.ca/.

About KOHO
KOHO is a Fintech company on a mission to make financial products that are transparent and intuitive. KOHO offers a full-service spending and savings account with no hidden fees that gives cash back on every purchase, and an integrated app that helps users spend smart and save more. KOHO is a Fintech company, not a bank. KOHO partners with a variety of banks and federally regulated financial institutions to deliver our products. 

About Mastercard
Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.

Media Contacts

Gia Senese 
Social Media and Communications Lead 
KOHO 
[email protected]

Emilija Businskas
Vice President, Communications 
Mastercard
[email protected]
437-244-6282