KOHO Review and Referral Code 2026 ($40 Bonus)

KOHO is a Canadian fintech platform that combines a prepaid Visa card with savings, cashback, budgeting, and spending insights. It is designed for people who want the convenience of a chequing account while earning rewards on everyday purchases, and it's grown into one of the more widely used financial apps in the country.

About KOHO

KOHO was founded in 2014 by Daniel Eberhard and officially launched in 2017, now headquartered in Toronto. Its banking services are provided through Peoples Trust Company, a CDIC member institution, while its card products run on the Visa network.

The platform is built around using your own money rather than borrowing on a traditional credit card. You load or deposit funds, spend from your balance, and use the app to track your transactions and savings progress.

Worth knowing if you follow KOHO's business: in June 2026, the company raised $130 million in a Series F round, bringing its valuation to roughly $1.33 billion. That money is earmarked for KOHO's push to obtain a federal Schedule 1 bank license, the same status held by Canada's Big Six banks. KOHO has been working through OSFI's process since 2021 and entered the second phase in 2024, and it was admitted as a Payments Canada member in January 2026. A license isn't guaranteed and there's no public timeline, but if it goes through, KOHO would be able to hold customer deposits directly instead of routing them through a partner bank.

KOHO's three plans

Instead of one flat account, KOHO now runs three tiers that trade a monthly fee for higher cashback and interest:

A few things worth knowing about how this actually works:

• Interest applies to your whole balance, not a separate savings pocket. Most banks make you move money into a dedicated savings account to earn interest; with KOHO, your everyday spending money earns it too.
• You can also earn bonus cashback of up to 50% at select partner merchants, on top of your plan's base rate.
• Exact plan pricing and rates can shift, so check what's currently listed in the app before choosing a tier. Run your last two or three months of grocery, transit, and dining spending against the fee difference to see if a paid plan actually pays for itself.

KOHO Credit Building and Cover

KOHO's optional Credit Building feature works through a small secured line of credit (around $225) that reports your payment activity to Equifax. It doesn't require a hard credit check to start, and KOHO reports users see credit score gains averaging 31+ points over four months, though individual results will vary with your credit history.

There's also KOHO Cover, a 0% interest cash advance of up to $250 available if your balance runs low, meant to help you avoid overdraft-style situations rather than function as ongoing credit.

Is KOHO safe?

KOHO is a legitimate Canadian fintech backed by institutional investors including Portag3, Drive Capital, and Power Corporation-affiliated entities. Customer funds are held in trust at Peoples Trust Company, a CDIC member institution, so eligible balances are insurable up to the applicable CDIC limit once you've activated interest-earning features with your SIN. KOHO itself is not currently a CDIC member and, as of this writing, does not yet hold a banking license, though it is actively pursuing one.

As with any financial app, use a strong password, enable available security features, and review your transaction notifications regularly.

How to sign up for the KOHO bonus

1. Visit KOHO using the referral link in this review.
2. Create an account with your email address and a new password.
3. Complete the requested identity and profile information.
4. Confirm that the referral code KOHOBONUS40 is applied. Enter it manually if it isn't already populated.
5. Verify your phone number and choose the plan that fits your needs.
6. Make a first purchase of $20 or more with your KOHO card.
7. Receive the $40 bonus after KOHO confirms the eligibility requirements are met.

KOHO

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KOHO verdict

KOHO remains a compelling choice for Canadians who want a no-fee prepaid account with real cashback, interest on their whole balance, and useful budgeting tools. The tiered plan structure means the free Essential account is genuinely solid on its own, while Extra and Everything reward people who spend more in KOHO's bonus categories.

The bigger story is where KOHO is headed: a $130 million raise aimed squarely at becoming a fully licensed Canadian bank would be a significant shift if it happens, giving KOHO more direct control over deposits rather than routing them through a partner institution. That's a "watch this space" item rather than something that changes today's experience. Overall, KOHO earns a 4.5/5 rating from CanadianReviews.ca.

Referral offers, cashback rates, interest rates, fees, eligibility requirements, and product terms can change. Review the current terms before applying.