Toronto-based fintech, KOHO, has announced it will be waiving foreign exchange fees until the fall, while also adding new cashback travel partners.
KOHO offers Canadians a prepaid Visa card which supports Apple Pay, and can be easily funded via Interac e-Transfers or an automatic payroll deposit. When you spend your money via KOHO, you get 0.5% cashback on all your purchases. The prepaid Visa account is targeted at millennials looking for an alternative from big banks.
A recently introduced Premium subscription ($9/month or $84 annually) offers 2% cashback on groceries, dining out and transportation purchases and 0.5% outside these categories. Spending $600 per month will “more than pay for itself”, referring to the Premium upgrade, says KOHO.
KOHO’s latest announcement says foreign exchange fees will be waived until September 23, 2019. Also, new travel partners include Booking.com and Sunwing.
Starting next week, KOHO members can earn up to 6% cashback when booking with these travel partners. A Booking.com purchase will bring 3% cashback, while Premium members get 6% cashback. Sunwing.ca purchases on the web will get 3% cashback.
“At Sunwing, we’re committed to helping our customers vacation better. Whether they’re saving for a family vacation or a luxurious getaway, we want every traveller to have their dream vacation experience,” says Stuart Morris, GM Retail at Sunwing, in an issued statement. “It’s great that KOHO has personal saving tools that encourage Canadians to achieve their travel aspirations.”
The fintech recently closed a $42 million Series B funding round and says over 100,000 Canadians “are using KOHO to restore financial balance.”
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