TORONTO — January 27, 2026
Executive Summary
KOHO has announced that it has become a member of Payments Canada as a supervised Payment Service Provider (PSP), marking a significant operational milestone in the company’s growth within Canada’s financial services landscape. Through this membership, KOHO will participate in Payments Canada’s governance, policy development, and payments modernization initiatives, including the process to apply for participation in the forthcoming Real-Time Rail (RTR) system. Payments Canada operates the country’s core clearing and settlement infrastructure, supporting the movement of money across the Canadian economy. According to the company, the membership reflects KOHO’s expanding role in Canada’s payments ecosystem and its continued involvement in initiatives aimed at improving access, competition, and efficiency within national payment systems.
Announcement Overview
KOHO has formally joined Payments Canada as a member, becoming a supervised Payment Service Provider eligible to participate in the organization’s activities and system development processes. Payments Canada owns and operates Canada’s core clearing and settlement systems, which support a wide range of payment types, including electronic funds transfers, direct deposits, bill payments, and other essential payment services.
By becoming a member, KOHO will engage in Payments Canada’s governance and policy discussions and contribute to ongoing payments modernization initiatives. The company stated that this includes applying to participate in the upcoming Real-Time Rail system, which is designed to support real-time payments across Canada.
The announcement represents a structural change in KOHO’s role within the national payments framework, positioning the company to engage more directly with Canada’s payment infrastructure as a regulated participant.
Announcement Type: Membership Milestone
Key Announcement Details
- Announcement type: Payments network membership
- Membership status: Supervised Payment Service Provider (PSP)
- Organization joined: Payments Canada
- Effective date: January 2026
- Geographic scope: Canada
- Systems involved: Lynx, ACSS, and forthcoming Real-Time Rail (RTR)
- Participation areas: Governance, policy development, payments modernization
- Applicant status: Eligible to apply for RTR participation
Strategic Context
According to the company, Payments Canada membership provides regulated access to the governance and operational frameworks that underpin Canada’s national payment systems. These systems facilitate the clearing and settlement of transactions across the economy and play a central role in ensuring payment safety, reliability, and efficiency.
Payments Canada has been expanding access to its systems to include a broader range of payment service providers, reflecting changes in Canada’s financial services landscape and the growing role of non-traditional financial institutions. KOHO stated that its membership aligns with this broader shift toward increased participation, competition, and modernization within the payments ecosystem.
The forthcoming Real-Time Rail is a key component of Canada’s payments modernization agenda. According to Payments Canada, the system is intended to support faster payments and enhanced data capabilities, with participation subject to regulatory and operational requirements.
Leadership Statements
“Joining Payments Canada reflects how far KOHO has grown within Canada’s financial ecosystem,” said Daniel Eberhard, Founder and Chief Executive Officer of KOHO. “Membership allows us to move faster, deliver more efficient financial services, and create real value for Canadians. Greater access and competition strengthen the payments system, support economic growth, and help build a better financial future for both consumers and businesses.”
“KOHO’s membership reflects the positive impact of expanding access to our national systems to include payment service providers,” said Donna Kinoshita, Chief Payments Officer at Payments Canada. “Their commitment to innovation and their focus on providing money management tools for Canadians align with our goal of fostering a more competitive and inclusive payment ecosystem. We value KOHO’s interest in applying to participate on our systems, including the forthcoming Real-Time Rail, as we work with our members, partners and regulators to enhance the speed and efficiency of payments for all Canadians.”
Company Capabilities and Recent Developments
KOHO has developed a suite of financial tools designed to support everyday money management for Canadian consumers. According to the company, its offerings include spending and savings accounts, cash-back features, credit-building tools, and joint accounts.
Over the past year, KOHO expanded its product set to include additional savings features and account functionality. The company stated that these developments align with its broader objective of providing accessible financial services to users across Canada while operating within applicable regulatory frameworks.
The Payments Canada membership adds a new layer to KOHO’s operational profile by enabling direct engagement with national payment infrastructure initiatives.
About KOHO
Founded in 2014, KOHO is a Canadian financial technology company focused on money management services for consumers across Canada. Through its mobile application and online platform, KOHO provides spending and savings accounts with no hidden fees, along with tools such as overdraft protection, credit-building features, and automated savings functionality.
KOHO is headquartered in Toronto and serves users nationwide. The company operates within Canada’s financial services regulatory environment and continues to expand its product offerings in response to consumer needs.
About Payments Canada
Payments Canada is a public-purpose, not-for-profit organization responsible for owning and operating Canada’s core national payment systems. These include Lynx, the Automated Clearing Settlement System (ACSS), and the forthcoming Real-Time Rail (RTR).
Payments Canada establishes the by-laws, rules, and standards governing these systems, which cleared and settled approximately $103 trillion in transactions in 2025. The organization works with financial institutions, payment service providers, regulators, and other stakeholders to modernize Canada’s payment infrastructure and promote efficiency, safety, and competition.
Media Contact
Rachel Dillane
Category Communications
Email: rachel@categorycomms.com
Source Attribution
Source: Company announcement
