Millionaire is a State of Mind: KOHO Releases First of Its Kind Metal Cards

TORONTO, Dec. 13, 2019 (GLOBE NEWSWIRE) -- On the heels of a $25M Series B extension announced in November, KOHO, Canada’s leading challenger bank, has launched metal cards to the surprise and delight of the 75,000 people who joined the metal cards waitlist in a matter of weeks.

KOHO users have been asking for metal cards since the FinTech disruptor came to market in 2017. Today, the company is thrilled to be delivering on that request in style.

Until now, metal cards in Canada have been exclusive, expensive, and out of reach to regular consumers. That changes now. In its continued pursuit of democratizing the financial industry to make it fair for all, KOHO is the first challenger bank to bring prepaid metal cards to market at far below the traditional cost.

Playing off the idea of luxe metal cards with the everyday usefulness of a prepaid Visa, KOHO’s marketing campaign promotes the idea that “Millionaire is a state of mind.” That’s because whether you’re yachting in Italy or buying bananas at the bodega, wealth is what you make it.

“We’ve been blown away by the response to KOHO metal cards,” said Daniel Eberhard, Founder and CEO of KOHO. “Canadians should be excited about the many financial options they have, regardless of their income. They currently aren’t. Democratizing the best parts of the financial experience is our mission as a company.”

KOHO offers a prepaid Visa card with a smart spending account that gives cashback, helps people budget, and tracks spending in real-time. New users can choose from four distinct colour combinations for their card upon sign-up.

On November 28, 2019 the KOHO team announced its most frequently chosen card was “going metal.” Building off of the popular pink and gold card —affectionately known as Gilded Cotton Candy— KOHO decided to give it the true golden touch with a limited edition metal version.

Those on the waitlist were encouraged to refer friends in order to “jump the line.” In a few short weeks, the waitlist reached over 75,000 people. Those in the top 159 were gifted a free metal card to reflect the average bank fees that a Canadian will pay per year.

Now available for purchase in the KOHO app, the limited edition metal card will be priced at a one time fee of $159. KOHO has also given the choice to pay a reduced price of $50 for anyone who refers two friends to the platform.

There’s more to come from KOHO in 2020, including savings and credit products launching in beta early in the new year. Get on the latest version of the KOHO app to get a metal card and updates on new product offerings.

About KOHO
KOHO offers a full-service account with no hidden fees. The account comes with a reloadable Visa card that earns cash back on every purchase, and an integrated app that helps users spend smart and save more. Rooted in the belief that the financial system should be open and intuitive, KOHO aims to remove friction from the banking experience through a more human and transparent approach.

Contact: Julia Cooper [email protected]

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/91c3a185-0df0-40dd-9d55-032727e2996b