A Simple-esque digital neo-bank is launching in Canada, promising to take on the country's big five providers and win over Generation Y.
Describing itself as a technology company, not a bank, Koho provides a front end of services while a Cudic-compliant credit union holds customers' cash.
The firm's founders, who come from tech startup backgrounds, say that they launched the outfit because Canadians have to endure antiquated banking practices while still paying some the highest fees in the world to a big five that made $29 billion in profits last year.
With a particular focus on 18 to 34 year olds, Koho is promising to offer a better service more suited to the digital age and with fewer and more transparent fees.
Customers get a "pre-paid credit card" and access to a website and mobile app that let them do "pretty much everything" that they can do with normal bank accounts, with the exception of wire transfers.
Like Simple and Moven, the firm makes much of its ability to harness the huge amounts of data customers generate to help them better manage their money with saving goals, insights and filters. Meanwhile, a custom affinity programme lets customers pick good causes to support.
Canadians are now being invited to join the waitlist for early access to the service.