TORONTO, July 31, 2019 (GLOBE NEWSWIRE) -- Six weeks after announcing the launch of KOHO Premium, which offers the highest cashback on the prepaid card market, the FinTech company is today announcing a ‘Build Your Own’ PowerUps cashback program and new merchant-specific rewards. Unlike other rewards programs, KOHO gives its users instant cashback that is easily redeemed in-app. 

The rapidly scaling challenger bank is continually putting the consumer first, building features and products that Canadians want and love. The new PowerUps program rewards users with up to 10% cashback for referring friends and shopping at specific merchants like foodora and Chefs Plate.

Despite growing consumer preference to avoid the debt and high interest rates of traditional credit cards, there are currently no other debit or prepaid credit cards on the market that offer the user cashback. KOHO originally broke the mould in 2016 when it launched its prepaid Visa card and account offering users 0.5% cashback on all purchases. Since then, KOHO has worked to build on this precedent-setting program with even more opportunities to save money while you spend it. 

“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. “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.”

For every friend you refer to KOHO you earn and additional 1% cashback on all purchases for 90 days. You can refer up to 10 friends, adding up to a maximum of 10% cashback. 

If you want to continue to build up your rewards, KOHO has also released their first lineup of merchants that are participating in KOHO’s merchant program. foodora, Greenhouse, and Chefs Plate are just some of the exciting new partners who are offering between 1.5 - 5% additional PowerUps when you use your KOHO card on those purchases. 

"Our mission at foodora is to bring good food into the lives of Canadians every day and we're always looking for innovative ways to enhance the overall experience," says Matt Rice, Head of Marketing, foodora. "The KOHO partnership allows us to reward our customers and offer greater convenience."

Why not see for yourself? Open your account in minutes by downloading KOHO in either app store. 

About KOHO
KOHO offers a full-service spending account with an integrated app and reloadable Visa card, giving its users instant cashback, automated savings goals, and more. Backed by Power Corp. and Portag3, KOHO uses app-based technology to eliminate many barriers that traditional banks put in place. Users have more transparency into their money, and the ability to track their spending and saving in real-time. We don’t make money off of complexity or by hoodwinking our users. We believe the financial system should be open, intuitive, and designed to help you live a better life.

www.koho.ca
Contact: julia@koho.ca

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/952d8921-007a-46bc-b34e-bb6506019260