Toronto-based FinTech, KOHO, has announced today a new cashback reward program offering members up to 10% cashback with their prepaid Visa. KOHO calls itself a challenger bank to Canada’s big banks, aimed at millennials looking to manage their money right from their smartphone.
Today’s announcement brings a new ‘Build Your Own’ PowerUps cashback program and new specific rewards available at select merchants such as foodora and Chefs Plate. PowerUps within your KOHO prepaid Visa are available to be redeemed instantly in-app, unlike other rewards programs.
“Many Canadians love rewards, but most rewards programs rely on users never cashing them out, or they make it really complicated to do so,” says Aaron Cheng, VP of Product at KOHO, in an issued statement. “We wanted to build a simple rewards program that doesn’t rely on complicated mental math and tons of friction. With KOHO, you get your cashback instantly, and we’re counting on you using 100% of the rewards you’ve earned.”
KOHO members can also earn an extra 1% cashback on all purchases for 90 days when they refer a friend. You can refer up to 10 friends and earn a maximum of 10% cashback on purchases made with your prepaid Visa, issued by Peoples Trust Company.
The company’s new merchant program includes the likes of Greenhouse, foodora, Chefs Plate and Well.ca, offering 1.5% to 5% additional PowerUps, when you pay using your KOHO prepaid Visa card, which supports Apple Pay.
Funding your KOHO prepaid Visa is easy, as you can easily add money by setting up a payroll direct transfer, or through Interac e-Transfers.
Back in May, KOHO announced a new $42 million funding round, while noting it had surpassed 120,000 accounts.
KOHO is an affiliate partner of iPhoneinCanada.ca and allows readers to help support the site and keep the lights on.