KOHO, Canada's top-rated money management app, has achieved a significant regulatory milestone by officially becoming a registered Payment Service Provider (PSP) under the Retail Payment Activities Act (RPAA). This places KOHO among the first fintechs in Canada to be recognized by the Bank of Canada in the initial wave of PSP registrations. The registration formalizes KOHO's commitment to operating within a nationally recognized framework designed to safeguard user funds, manage operational risks, and ensure the highest levels of security and transparency.
KOHO has become a registered Payment Service Provider (PSP) under Canadian law.
It is one of the first fintechs recognized by the Bank of Canada in this new framework.
The registration requires significant investment in security, people, and processes.
It ensures user funds are safeguarded under a nationally recognized oversight system.
The move strengthens KOHO's foundation for long-term growth and stability.
It establishes clear accountability that runs up to the company's board of directors.
Becoming a registered PSP represents KOHO's deepest commitment to ensuring the security and trust of its customers' money. The process required a substantial investment in people, processes, and technology, which has fundamentally strengthened the company's operational foundation. Operating under the RPAA framework ensures that KOHO's services are more stable and reliable than ever, with mandated accountability and reporting compliance that provides users with unparalleled confidence in the platform.
This milestone is pivotal not only for KOHO but for the broader Canadian fintech landscape. By proactively embracing and meeting the stringent requirements for federal oversight from the Bank of Canada, KOHO is helping to define a new era of accountable and consumer-first financial innovation. The registration is a powerful testament to the robust systems KOHO has built and signals a maturation of the fintech industry, where consumer protection and regulatory compliance are paramount for long-term trust and growth.
Founded in 2014, KOHO is one of Canada’s leading financial technology companies, transforming the way Canadians spend and save. Through koho.ca and the KOHO app, users can access a spending and savings account with no hidden fees, along with tools like Cover (overdraft protection), Credit Building, and RoundUps. KOHO helps Canadians manage their money day-to-day, build financial empowerment, and work toward long-term stability. Headquartered in Toronto, KOHO serves users across Canada.
TechIntelPro empowers B2B technology decision-makers with the latest industry trends, deep insights, leadership perspectives and actionable intelligence to drive both organizational and professional milestones—and thrive on the tech pulse.